MELBOURNE, Fla., June 28, 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 is providing payment
capabilities for, Token, a biometric identity ring that streamlines
the process of authentication throughout your day. Token is
available for presale now at www.tokenize.com beginning at
$249, and will begin shipping to
users in December 2017.
"Innovative devices like Token are transforming the payment
experience for consumers by
combining secure authentication and a frictionless
transaction into a sleek, fashionable form factor," said
Michael Orlando, president of Fit
Pay, Inc. and COO of NXT-ID. "Its launch helps push
the adoption of contactless payments towards an
inflection point."
Token replaces the need for the majority of day-to-day
credentials, including credit cards, house keys, passwords and
more, while leveraging a proprietary continuous two-factor
authentication method – via an ultra-compact fingerprint sensor in
the base of the ring and an optical proximity sensor – to ensure no
one but the user can ever access the protected credentials. Fit
Pay's platform will provide the payment capabilities for the
device, including full digital wallet functionality with the
ability to make contactless payments with an existing credit card.
Fit Pay will connect Token to its Trusted Payment
Manager™ (TPM™) platform, which is
integrated with the leading card networks, and power the digital
wallet functionality within the application that supports the
device.
"Our vision is to offer a device that streamlines the process of
authentication throughout the day, while simultaneously protecting
users from identity fraud using advanced cryptography," said
Token Cofounder and CEO Melanie
Shapiro. "As we looked to add essential services to
Token, contactless payment capabilities were a must-have and Fit
Pay platform offered the best end-to-end solution for our
users."
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 the Internet to transact payments, creating a superior
user experience.
Fit Pay's 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 Mastercard and Visa.
About NXT- ID, Inc. and Fit Pay, Inc.
NXT-ID, Inc. (NASDAQ: NXTD) provides a comprehensive platform of
technology products and services that enable the Internet of Things
(IoT). With extensive experience in access control, biometric and
behavior-metric identity verification, security and privacy,
encryption and data protection, payments, miniaturization and
sensor technologies, NXT-ID develops and markets groundbreaking
solutions for payment and IoT applications. Its industry-leading
technology products and solutions include MobileBio®, a suite of
biometric solutions that secure consumers' mobile platforms, the
Wocket™, a next-generation smart wallet and the Flye, a digital
credit card developed in collaboration with WorldVentures.
NXT-ID includes three mobile and IoT-related subsidiaries:
LogicMark, LLC, a manufacturer and distributor of non-monitored and
monitored personal emergency response systems ("PERS") sold through
dealers/distributors and the United States Department of Veterans
Affairs; Fit Pay, Inc., a proprietary technology platform that
delivers end-to-end solutions to device manufacturers for
contactless payment capabilities, credential management,
authentication and other secure services within the IoT ecosystem,
and 3D-ID LLC, which is engaged in biometric identification and
authentication. Learn more about NXT-ID at www.nxt-id.com.
About Token:
Token is the biometric technology company making it
simple to prove and protect your identity. Founded in 2016 by
Melanie and Steve Shapiro, who
previously founded Digsby, Token is an identity ring that uses
continuous, biometric, two-factor authentication to let users live
keyless, cardless and free of passwords. For more information,
visit www.tokenize.com.
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.
Token Contact:
Press@Tokenize.com
NXT-ID Inc. Contact:
Corporate info: info@nxt-id.com
Media Contacts:
Chris Orlando
chris.orlando@nxt-id.com
D. Van Zant
+1-800-665-0411
press@nxt-id.com
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visit:http://www.prnewswire.com/news-releases/nxt-id-subsidiary-fit-pay-to-power-payments-on-token-300481465.html
SOURCE NXT-ID, Inc.