MELBOURNE, Florida,
November 17, 2017 /PRNewswire/ --
Garmin International, Inc. (NASDAQ:
GRMN) and Fit Pay, Inc., a wholly owned subsidiary of NXT-ID, Inc.
(NASDAQ: NXTD), today announce that the Garmin PayTM
contactless payment feature is now live on Garmin's vívoactive 3
smartwatch and available to cardholders of issuing banks supporting
the new service. The new feature on Garmin's latest smartwatch
enables consumers to make highly secure contactless payments at
near-field communication-enabled (NFC) point-of-sale (POS) retail
locations, adding a powerful new capability to one of the most
complete smartwatches on the market for the active consumer.
"With Garmin Pay, vívoactive 3 wearers now have the freedom to
leave their phone and wallet at home when they go to run or work
out, and still be able to make purchases wherever their day takes
them," said Dan Bartel, Garmin Vice President of worldwide sales. "The
vívoactive 3 is an indispensable tool for any active lifestyle and
we appreciate the support that card issuing banks have provided to
make this exciting new feature available to their cardholders."
Garmin Pay is available on the vívoactive 3, which was announced
by Garmin at the IFA Consumer Electronic Unlimited show in
Berlin, Germany on August 31, 2017. The new contactless payment
capability is powered by the FitPayTM payment platform
and available initially for Mastercard cardholders from numerous
issuing banks and credit unions including BECU, Capital One, First
Tech Federal Credit Union, and U.S. Bank in the United States, and internationally through
Commonwealth Bank of Australia,
Cornèrcard, Sberbank of Russia,
and Swiss Bankers Prepaid Services Ltd. This includes the initial
launch day participants. Additional networks and issuers will be
added soon. View supported country, payment network and issuing
bank information at Garmin.com/garminpay/banks.
"We are excited that Mastercard cardholders will be the first
consumers to make contactless payments using their Garmin
vívoactive 3 smartwatches," said Kiki Del
Valle, Senior Vice President, Commerce for Every Device.
"Working with leading issuers across four markets is just the
beginning of delivering more choice in how consumers can make
payments that match their digital lifestyles."
"Bringing a powerful feature like Garmin Pay to market requires
building an entire ecosystem to enable it," said Michael Orlando, President of Fit Pay, Inc. and
COO of NXT-ID. "By supporting the launch of Garmin Pay and the
FitPay platform, Mastercard and its participating issuing banks
have shown a real commitment to making payments more convenient for
consumers and to reducing friction in the payment process."
The FitPay platform provides Garmin Pay and the vívoactive 3
with contactless payment capabilities and full digital wallet
functionality within the Garmin Connect app, enabling consumers to
simply tap and pay with the smartwatch at NFC-enabled POS terminals
using an existing credit or debit card account. FitPay's
proprietary technology 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 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
convenient and completely frictionless payment experience.
About Garmin International Inc.
The ever-expanding Garmin fitness segment develops technologies
to enhance and promote healthy and active lifestyles. Whether users
are runners, cyclists, swimmers, multi-sport athletes, or simply
looking to stay active throughout the day, there is a Garmin
product that can help them reach their health and fitness goals.
For decades, Garmin has pioneered new GPS navigation and wireless
devices and applications that are designed for people who live an
active lifestyle. Garmin serves five primary business units,
including automotive, aviation, fitness, marine, and outdoor
recreation. For more information, visit Garmin's virtual pressroom
at garmin.com/newsroom, contact the Media Relations department at
913-397-8200, or follow us at facebook.com/garmin,
twitter.com/garmin, or youtube.com/garmin.
Garmin International, Inc., is a subsidiary of Garmin Ltd.
(NASDAQ: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries
are located in the United States,
Taiwan, and the United Kingdom. Garmin and vívoactive are
registered trademarks and Garmin Pay is a trademark of Garmin Ltd.
or its subsidiaries. All other brands, product names, company
names, trademarks and service marks are the properties of their
respective owners. All rights reserved.
Notice on Forward-Looking Statements for
Garmin:
This release includes forward-looking statements regarding
Garmin Ltd. and its business. Such statements are based on
management's current expectations. The forward-looking events
and circumstances discussed in this release may not occur and
actual results could differ materially as a result of known and
unknown risk factors and uncertainties affecting Garmin, including,
but not limited to, the risk factors listed in the Annual Report on
Form 10-K for the year ended December 31,
2016, filed by Garmin with the Securities and Exchange
Commission (Commission file number 0-31983). A copy of such
Form 10-K is available at
http://www.garmin.com/aboutGarmin/invRelations/finReports.html.
No forward-looking statement can be guaranteed.
Forward-looking statements speak only as of the date on which they
are made and Garmin undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
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. 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
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.
Media Contacts:
Garmin International Inc.
Mary Thompson Woodbury
+1-913-397-8200
media.relations@garmin.com
Fit Pay, Inc. and NXT-ID
Chris Orlando
+1-760-468-7273
chris@fit-pay.com
D. Van Zant
+1-800-665-0411
press@nxt-id.com