MELBOURNE, Florida,
June 8, 2017 /PRNewswire/ --
Fit Pay, Inc., a wholly owned
subsidiary of NXT-ID, Inc. (NASDAQ: NXTD ) and a provider of
payment, credential management, and authentication platform
services, today announced that its Token Service Provider (TSP)
solution has been successfully integrated with the Visa Token
Service. Fit Pay is now qualified as a Visa TR-TSP partner through
the Visa Ready Program.
"Successfully integrating with Visa, the largest card network in
the world, is a major step forward in our effort to bring
contactless payment capabilities to a whole new generation of
devices," said Michael Orlando,
President of Fit Pay, Inc. and COO of NXT-ID. "As one of the first
partners to have our solution approved by Visa, Fit Pay takes a
leadership role in enabling secure payment capabilities across a
wide range of new devices and form factors."
The Visa Ready Program provides standards to allow partners to
quickly introduce Visa-approved devices, software, and solutions
that can initiate or accept Visa payments. The qualification as a
Visa TR-TSP provider allows Fit Pay to move forward with the
implementation of its payment enablement platform for Internet of
Things (IoT) and wearable devices. The company is in the process of
onboarding the first devices onto its payment platform and
anticipates product announcements from a number of manufacturers it
is working with later this year.
"Our mission has been to create secure, frictionless, and
personalized payment experiences for all consumers," Orlando added.
"With Visa's leadership, the ecosystem for contactless payments is
taking a huge step forward."
Fit Pay's proprietary technology platform delivers payment,
credential management, authentication and other secure services to
the IoT ecosystem. The platform uses tokenization, a payment
security technology that replaces cardholders' account information
with a unique digital identifier (a 'token') to transact highly
secure contactless payment and authentication services. Fit Pay
leverages Embedded Secure Element (eSE) chip technology within
devices to offer a payment solution that is very power and memory
efficient and does not need to refresh a token once it is issued.
This frees devices from needing to be tethered to a host device or
connected to the Internet to transact payments, creating a superior
user experience.
Fit Pay's end-to-end payment solution allows IoT and wearable
device manufacturers to add payment and authentication capabilities
to their products with very little start-up time, no investment in
software development and instant access to the leading credit card
networks, such as Visa.
About NXT- ID, Inc.
NXT-ID, Inc. (NXTD ) is a security technology company providing
security for finance, assets, and healthcare. The company's
innovative MobileBio® solution mitigates risks associated with
mobile computing, m-commerce, and smart OS-enabled devices. With
extensive experience in biometric identity verification, security
and privacy, encryption and data protection, payments,
miniaturization and sensor technologies, the company partners with
industry-leading companies to provide solutions for modern payment
and the Internet of Things ('IoT') applications. The company's
wholly-owned subsidiary, LogicMark, LLC, manufactures and
distributes non-monitored and monitored personal emergency response
systems ('PERS') sold through the United States Department of
Veterans Affairs ('VA'), healthcare durable medical equipment
dealers and distributors and monitored security dealers and
distributors. http://www.nxt-id.com.
A wholly-owned subsidiary of NXT-ID, Fit Pay, Inc. is led by
former CyberSource and Visa executives with more than 50 years of
payment and identity authentication domain expertise. With payment
capabilities enabled by Fit Pay, wearable and IoT device
manufacturers can create customer loyalty, tap into recurring
revenue streams, open new markets, and differentiate their products
in an increasingly competitive market. The company was named a
'Startup of the Year' for payment technology by industry
publication, Paybefore. Learn more at http://www.fit-pay.com, or on
Twitter.
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.
NXT-ID Inc. Contact :
Corporate info: info@nxt-id.com
Media:
Chris Orlando
chris.orlando@nxt-id.com
D. Van Zant
+1-800-665-0411
press@nxt-id.com
SOURCE NXT-ID, Inc.