Tag: mobile commerce market

Amazon and eBay may clash in the mobile commerce field

Competition in the mobile commerce field is nothing new. Technology firms from around the world are competing with one another in order to develop the next great mobile commerce platform while retailers are working to engage mobile consumers through their own platforms. The popularity surrounding mobile commerce has lead to the emergence of a vast multitude of startup companies that seek to benefit from the success that can be found in the mobile field.

Both companies have high hopes for mobile commerce

Mobile commerce competition may reach a new high as two of the sector’s largest players begin to clash. Both Amazon and eBay boast of a commanding presence in the mobile commerce field. Amazon’s retail power and eBay PayPal division have made the two companies quite formidable, but the two had little occasion to clash in the past. Now that mobile commerce has become a global phenomenon and has shown no signs of slowing down, however, Amazon and eBay are expected to vie for supremacy within the field.

New service from Amazon aims to make mobile payments more convenient

Amazon recently launched its Login and Pay service, which is meant to make mobile payments more convenient for online shoppers. This service is available to retailers and used to make retailers more accommodating of the needs of mobile consumers. The service itself is quite similar to that offered by PayPal and both Amazon and PayPal feature robust anti-fraud capabilities designed to make the mobile commerce sector somewhat more secure. Amazon may be able to compete with PayPal in the mobile space with its new service, especially as eBay focuses more on expansion rather than the development of new services.

Online sales in the US expected to reach $328 by end of 2016

In the U.S., online sales are expected to reach $327 billion by 2016. PayPal is currently the leading online payment processor, accounting for $7.7 million in transactions on a daily basis. There may be plenty of room for Amazon and eBay to grow into the mobile commerce field side by side, but the two companies share a large consumer base. Both appeal to the same demographic as one another, making it difficult for either company to exist in without competing with one another in some way.

Mobile Commerce Technology includes Biometric Multi-factor Authentication

Shelton, CT– – NXT-ID, Inc., (OTCQB: NXTD) a biometrics company focused on the growing mobile commerce market, announced today that it has submitted a patent application for its unique digital wallet technology.  As a follow up to U.S. provisional patent application No. 61/710,826, NXT-ID has filed patent application 14/049175 for a:

METHOD FOR REPLACING TRADITIONAL PAYMENT AND IDENTITY MANAGEMENT SYSTEMS AND COMPONENTS TO PROVIDE ADDITIONAL SECURITY AND A DEVICE IMPLEMENTING SAID METHOD.

This patent forms the basis for NXT-ID’s widely anticipated next generation payment and identity product – the Wocket™. 

“Rather than attempting to replace the wallet, as companies such as Google and Isis (founded by AT&T Mobility, T-Mobile USA and Verizon Wireless) are doing by putting contactless payment capability on smartphones, our method brings the wallet into the 21^st century,” said Gino Pereira, CEO of NXT-ID, Inc.

“We offer an alternative solution to those who do not wish to give up their wallet and market studies show that represents a significant portion of the population. We offer the modern wallet an electronic vault that is actually part of the wallet, securely protecting private information accessible only by the user via biometric enabled multi-factor authentication.  What is unique about this invention is that it secures private information found within a typical wallet, such as credit cards, debit cards, identification information, medical information and records and makes this private information available to owners via an interface made so simple that anyone can use it as they would use their wallet today.”

The Wocket™ requires unique biometrically enabled multi-factor authentication to ensure only owners and their private information can be copied into or out from the secure vault wallet device and on to the dynamically programmable magnetic stripe NXTCard. Authenticated users may then select payment information, via touch display or voice command and use the NXTCard as they would any other magnetic stripe credit or debit card.

There is an added advantage in that the NXTCard replaces multiple cards that are currently kept in the wallet with a single secure card.

“This patent is the first of many we plan to submit regarding our wearable identity technologies that bring full control and protection of private data to authenticated owners of the data,” said David Tunnell CTO of NXT-ID.  “In the coming months, we plan to increase our portfolio of intellectual property with other patents that further promote protection of private data with innovative, easy to use mobile and wearable technologies that conform to how users naturally use devices today.” 

About NXT- ID Inc. – Mobile Security for a Mobile World:

NXT-ID Inc.’s (OTCQB: NXTD) innovative MobileBio™ solution mitigates consumer risks associated with mobile computing, m-commerce and smart OS-enabled devices. The company is focused on the growing m-commerce market, launching its innovative MobileBio™ suite of biometric solutions that secure consumers’ mobile platforms. NXT-ID’s wholly owned subsidiary, 3D-ID LLC, is engaged in biometric identification has 22 licensed patents in the field of 3D facial recognition http://www.nxt-id.com/, http://3d-id.net/ 

Forward-Looking Statements for NXT-ID:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company’s business strategy. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company’s ability to implement its long range business plan for various applications of its technology; the Company’s ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company’s technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company’s reports filed with the Securities and Exchange Commission. 

Contact:

Corporate info:

[email protected]

Investor Inquiries:

Kirin Smith

ProActive Capital Group

Direct: 646 863 6519

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