MELBOURNE, Florida,
July 11, 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 it would
offer prepaid capabilities on wearable devices connected to the Fit
Pay Payment Platform. The general purpose reloadable (GPR) program,
'The FitPay Prepaid MasterCard®', will give consumers
with Fit Pay's contactless payment-enabled devices the convenience
of storing funds directly on their device. The new feature provides
consumers with the ease and security of contactless payments.
"Adding reloadable prepaid capabilities is a new feature for
devices on our platform and makes our payment enablement services
available on a wider range of form factors," said Michael Orlando, President of Fit Pay, Inc. and
COO of NXT-ID.
The FitPay Prepaid MasterCard® option will be available to
device OEMs that integrate their products with the Fit Pay
platform. The new feature allows consumers to load their Fit
Pay-enabled Internet of Things (IoT) or wearable device with a
prepaid value for contactless purchases. A digital wallet allows
the user to re-load the account, set top-off thresholds and manage
the account settings.
"Prepaid accounts give consumers more flexibility in how they
make contactless payments," added Orlando. "This is particularly
appealing to millennials who are more likely to use a prepaid
account, more likely to own a wearable and more likely to make a
contactless payment."
The FitPay Prepaid MasterCard® is sponsored by Sunrise Banks,
N.A. Cascade Financial Technology Corp. serves as the program
manager. The device can be used everywhere that Debit MasterCard®
is accepted.
"Prepaid is a natural fit for enabling payments within the IoT
ecosystem. It meets consumers' needs for security and control as
their payment credentials are linked to a wider set of devices. The
flexible nature of the prepaid platform enables many innovative use
cases with both traditional and non-traditional players, and our
work with Fit Pay is a great example," said Solana Cozzo, North America Vice President of
Prepaid and Inclusive Growth for MasterCard®.
Fit Pay's proprietary technology platform delivers payment,
credential management, authentication and other secure services to
the IoT ecosystem. The platform uses Near Field Communication (NFC)
technology to interact with over 10 million retail point-of-sale
(POS) terminals worldwide, making it possible to pay for goods and
services almost anywhere with a simple tap. 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 card networks.
About NXT- ID, 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
http://www.nxt-id.com
About Sunrise Banks
Sunrise Banks, N.A., based in St.
Paul, Minnesota, seeks to radically change the way urban
communities and underserved people thrive by empowering them to
achieve their aspirations. Sunrise is certified by the U.S.
Treasury as a Community Development Financial Institution (CDFI), a
designation earned by approximately 100 banks nationwide. Sunrise
Banks is also a member of the Global Alliance for Banking on Values
and is a certified B Corp for its demonstrated commitment to
transparent corporate governance and positive community impact.
Visit Sunrise Banks at SunriseBanks.com, on Twitter @SunriseBanks
or on Facebook. Sunrise Banks is Member FDIC.
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.
The FitPay Prepaid MasterCard® is issued by SUNRISE BANKS N.A.,
Member FDIC, pursuant to a license from MasterCard International
Incorporated. MasterCard® is a registered trade mark of
MasterCard International Incorporated.
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.