RIVERWOODS, Illinois and
MELBOURNE, Florida, February 26, 2018 /PRNewswire/ --
Discover Financial Services and FitPay, Inc., a wholly owned
subsidiary of NXT-ID, Inc., today announced a network services
agreement to allow devices that are integrated with the FitPay
Payment Platform[TM] to provision
tokenized payment credentials through Discover® Digital
Exchange (DDX). The agreement enables Discover cardholders, along
with alliance partner cards, to easily make contactless payment
transactions at retail locations with wearable or Internet of
Things (IoT) devices that include payment capabilities powered by
FitPay[TM].
"With the advancements of mobile technology, the way customers
interact with merchants is being re-imagined with an eye toward
more secure and convenient methods of payment," said Diane Offereins, Discover's president of payment
services. "This integration with FitPay is one more way in which
Discover is continuing to enhance the payment experience and
provide more options for our cardholders on how and where they
pay."
Under the agreement, FitPay's payment and digital wallet
platform will be integrated with the Discover tokenization
platform, DDX. FitPay's platform enables manufacturers of IoT and
wearable devices to add contactless payment capabilities to their
products, making it possible for consumers to pay for goods and
services at near field communication (NFC)-enabled point-of-sale
terminals with a simple tap. The platform uses tokenization, a
payment security technology that replaces cardholders' account
information with a unique digital identifier ("payment token"), to
transact more secure contactless payments. The agreement gives
Discover cardholders access to the latest contactless payment
technology.
"Consumers should have options in how they pay, and this
agreement makes cutting-edge payment devices available to Discover
cardholders," said Michael Orlando,
COO of NXT-ID and president of FitPay, Inc. "Making payments easy,
secure and frictionless requires building an extensive ecosystem.
Discover is a unique and important part of that ecosystem, and we
are very pleased be able to make the network available to devices
on the FitPay Platform."
Manufacturers of 15 IoT and wearable devices are currently
integrating with the FitPay Payment Platform. Product announcements
from manufacturers of the devices integrating with the FitPay
platform are anticipated in 2018.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and
payment services company with one of the most recognized brands in
U.S. financial services. Since its inception in 1986, the company
has become one of the largest card issuers in the United States. The company issues the
Discover card, America's cash rewards pioneer, and offers private
student loans, personal loans, home equity loans, checking and
savings accounts and certificates of deposit through its direct
banking business. It operates the Discover Network, with millions
of merchant and cash access locations; PULSE, one of the nation's
leading ATM/debit networks; and Diners Club International, a global
payments network with acceptance in more than 185 countries and
territories. For more information, visit:
http://www.discover.com/company.
NXT- ID, Inc. and FitPay, 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; FitPay, 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.
NXT-ID Inc. Corporate Contact: info@nxt-id.com. FitPay and the
FitPay Payment Platform are trademarks of FitPay, 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
FitPay, Inc.
chris@fit-pay.com
760-468-7273
Jeremy Borling
Discover
jeremyborling@discover.com
224-405-4252
@Discover_News
SOURCE NXT-ID, Inc.