MELBOURNE, Florida,
September 19, 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 is
providing payment capabilities for, Bee, a new biometric payment
key fob by financial technology company, Radiius. Radiius
officially launched Bee through an Indiegogo campaign this month.
The payment key fob can conveniently and securely make contactless
transactions with up to 20 payment and loyalty cards. Bee will be
integrated with the FitPay[TM] payment platform,
enabling it to make contactless payment transactions at NFC-enabled
retail point-of-sale locations.
"Bee is built for the future payment infrastructure," said
Rajeshwar Mitra, Co-founder &
CEO of Radiius. "We partnered with FitPay to quickly gain access to
the payment ecosystem, reduce our time-to-market and focus our
expertise on a more convenient user experience and smarter way to
manage finances."
Bee is one of the smallest, most secure biometric NFC payment
solutions available. Equipped with an embedded secure element (eSE)
data chip that holds an encrypted payment credential, Bee is a
convenient and safe alternative to carrying bulky wallets. One of
the world's smallest and safest wearable wallet comes with a
companion application called BeeHive, that serves as the hub for
managing cards, expense tracking, and finding the best deals around
at local retail stores. Bee includes biometric security and
near-field communication (NFC) technology for secure contactless
transactions. Bee does not require charging, and its compact size
makes it easy to carry all the time, and its versatility makes it a
very easy to use, stylish plug and play digital wallet. Bee is
currently available for pre-order on Indiegogo. Radiius estimates
that Bee will begin shipping in February
2018.
"Bee is an awesome expression of the evolution of IoT payment
devices and making how people pay fit more seamlessly into how they
live," said Michael Orlando,
President of Fit Pay, Inc. and COO of NXT-ID. "Bee's sleek form
factor and security features will create a new buzz in mobile
payments. It's no longer just about the smartphone."
FitPay's proprietary technology platform delivers payment,
credential management, authentication and other secure services to
the Internet of Things (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. FitPay leverages 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. FitPay'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 access to
the leading card networks.
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(R), a suite of
biometric solutions that secure consumers' mobile platforms, the
Wocket(TM), 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 .
FitPay and the FitPay Payment Platform are the sole property of Fit
Pay, Inc. For NXT-ID Inc. corporate information contact:
info@nxt-id.com
About Radiius
Radiius is a FinTech company based out of Princeton, New Jersey, exploring the idea of
making payments, transactions and card usage safer, minimal and
stylish. With the backing of extensive research, Radiius has
developed the world's smallest and safest wearable wallet, which
would change the way people interact with the payments
ecosystem.
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 Contacts:
NXT-ID and Fit Pay
Chris Orlando
+1-760-468-7273
chris.orlando@nxt-id.com
D. Van Zant
+1-800-665-0411
press@nxt-id.com
SOURCE NXT-ID, Inc.