SEBASTIAN, Florida,
January 18, 2019 /PRNewswire/ --
Fit Pay, Inc., a wholly owned subsidiary of Nxt-ID, Inc.
(NASDAQ: NXTD), today announced that its Token Requester Management
(TRM) platform is enabling SwatchPAY!, a new contactless payment
feature on four new watches announced this week in Switzerland by the iconic watchmaker. Fit Pay
is providing critical tokenization services for the new
feature.
"The launch of SwatchPAY! represents a big step towards making
contactless and wearable payments more mainstream. Having an iconic
brand like Swatch add payments, signals that payment is becoming a
must-have feature for most things you wear," said Michael Orlando, COO of Nxt-ID and president of
Fit Pay, Inc. "From a company perspective, adding another top-tier
brand to the Fit Pay platform is a very positive development and
the culmination of significant effort by our team. It goes a long
way toward solidifying our leadership position in this emerging
market."
Fit Pay'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 secure
contactless payments. The Fit Pay platform authenticates the
accountholder, requests the payment token from the payment network
and issuer, provisions the token to an embedded secure element
chipset on the device, and manages the lifecycle of the token.
Nxt-ID previously announced that it intends to separate Fit Pay
and its payments, authentication and credential management business
into an independent company and distribute those shares
to Nxt-ID shareholders through the execution of a
spin-off, which it believes will qualify as a tax-free
distribution. Immediately following the spin-off
transaction, Nxt-ID shareholders, who own shares
of Nxt-ID on the to-be-announced record date will own
shares of both companies. Prior to the record date of the
distribution, which will be established by the Board, NXTD shares
continue to include shareholder rights to any pro-rata dividend
that may result from the spin-off. The new company, PartX,
Inc., will include the assets acquired in the May
2017 business combination with Fit Pay, Inc. as well
as the payment, authentication and credential management assets
previously by Nxt-ID. It is applying for listing on
NASDAQ.
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:
Fit Pay, Inc.
Chris Orlando
chris@fit-pay.com
+1-760-468-7273
SOURCE NXT-ID, Inc.