MELBOURNE, Florida,
Feb. 8, 2018 /PRNewswire/ -- Fit Pay,
Inc., a wholly-owned subsidiary of NXT-ID, Inc. (NASDAQ: NXTD),
today announced FlipTM, a new contactless payment device
that will enable cryptocurrency holders to use the value of their
currency to make purchases at millions of retail locations. The
launch of the new device follows a December
2017 announcement by Fit Pay that it is expanding its
platform to connect cryptocurrencies to the payment ecosystem.
Leveraging the FitPay Payment PlatformTM, Flip will use
value exchanged from cryptocurrency to make traditional payment
transactions. The FitPay will begin taking pre-orders for Flip in
February 2018 on a date to be
announced.
"Flip is a very convenient way to use cryptocurrency value to
make retail transactions," said Michael
Orlando, COO of NXT-ID and President of Fit Pay, Inc. "Not
only does it seamlessly exchange cryptocurrency into dollars, it's
contactless, giving users a simple tap-to-pay experience."
Flip will be near field communication-enabled (NFC) allowing it
to transact payments at any retail point of sale location that
accepts contactless payments. Flip will store a preloaded amount of
U.S. dollars that are exchanged from the user's existing
cryptocurrency account. It includes a digital wallet that allows
the user to set how much value they would like their Flip to hold
and when they would like it to reload. Initially, Flip will
accept value exchanged from Bitcoin and will potentially expand to
other cryptocurrencies in the future.
"When we announced that we were extending the FitPay Platform to
cryptocurrencies, our goal was leverage our existing technology to
connect cryptocurrencies to the payment ecosystem," said Orlando.
"That's exactly what Flip achieves. And it continues to expand our
offerings, furthering our mission to fundamentally change the way
people pay."
Consumers interested in Flip can add their email address to the
Flip interest list at FliptoPay.com. Pre-orders for Flip on
FliptoPay.com will begin in February
2018 on a date to be announced, with initial deliveries
expected in the second quarter of 2018. Flip is currently only
available in the United States.
For more information, visit FliptoPay.com.
FitPay and Cascade Financial Technology Corp (Cascade FinTech)
recently announced an agreement for the joint development of the
platform that will be used to enable Flip, giving cryptocurrency
holders the ability to use the value exchanged from cryptocurrency
to be used for traditional payment transactions. The agreement is
an expansion of an existing relationship between the two companies
to provide prepaid capabilities on wearable and Internet of Things
(IoT) devices connected to the FitPay Payment Platform. The
prepaid, or GPR, option gives consumers with FitPay's contactless
payment-enabled devices the convenience of storing funds directly
on their device. Under the previous agreement, the FitPay Platform
connects to the Cascade CloudTM to enable contactless
payment GPR devices in a variety of form factors.
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. NXT-ID
Inc. Corporate Contact: info@nxt-id.com. FitPay and the FitPay
Payment Platform are trademarks of Fit Pay, Inc.
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:
Chris Orlando
chris@fit-pay.com
+1-760-468-7273
D. Van Zant
press@nxt-id.com
+1-800-665-0411
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SOURCE NXT-ID, Inc.