Global Biometrics Smart Wallets and Technology Quickly Mature as New Devices are Introduced to Eliminate the Need for Credit Cards While Addressing Cybertheft Concerns
CORAL SPRINGS, Florida, September 10, 2014 /PRNewswire/ --
Smart wallet, credit-card & online payment industries apply newest biometrics technology to compete with easy-to-use identification technologies designed to eliminate the need to carry credit cards. Companies currently leading the market with latest innovations are: NXT-ID, Inc. (OTCBB: NXTD), Apple Inc. (NASDAQ: AAPL), Google Inc. (NASDAQ: GOOG), Citigroup Inc. (NYSE: C) and Mastercard Inc. (NYSE: MA).
Nxt-ID, Inc. (OTCQB: NXTD), a biometric authentication company focused on the growing mobile commerce market, announced that its shares of common stock and the warrants to purchase common stock to be issued in its proposed underwritten public offering of common stock and warrants have been approved for listing on The Nasdaq Capital Market, subject to closing of its proposed underwritten public offering of the common stock and warrants which were approved and announced today . The shares of common stock and warrants to purchase common stock are expected to begin trading on The NASDAQ Capital Market under the ticker symbol "NXTD" and "NXTDW," respectively, on Thursday, September 11, 2014. The offering is expected to close on September 15, 2014, subject to customary closing conditions. Northland Capital Markets and The Benchmark Company are acting as Co-Book-Running Managers, and Newport Coast Securities Inc. is acting as co-manager for the offering.
NXT-ID's next generation smart wallet "Wocket(TM)" is currently receiving National Exposure through 30 second spots on CNBC scheduled to air through Sep 14th daily in New York markets. The CNBC commercials air during prime-time morning and afternoon programs, averaging four to five spots daily. The commercial tells consumers that wocket "stores your credit cards, your loyalty cards, and your private information; so that only you can use them."
NXT-ID's CEO Gino Pereira said, "We continue to roll out our ads in selected target markets with our 30 second ads to build brand awareness for Wocket(TM), which functions completely differently from any other digital wallet on the market currently. Wocket(TM) creates a personal vault for each consumer protecting their identity on multiple levels and is completely separate from a smartphone. With the rising concern over credit card security and the recent breeches with high profile brands like Home Depot, credit card issuers are accelerating efforts to tokenize transactions by using encryption technologies. Visa and MasterCard are promoting a new security standard called EMV which this encryption standard is based on. Wocket is perfectly placed to be a part of this new push towards encryption with our Wocket numbers which provide similar encryption and can be used on existing point of sale terminals. The significance of that is that even retailers that have not yet purchased the new advanced point of sale terminals can benefit from Wocket encryption technologies."
Digital Wallets/ Smart Technology Commentary: Mobile payments company Softcard (formerly known as ISIS) announced that it is "actively working with Apple (NASDAQ: AAPL) to enable Softcard on the [Apple Phone] in 2015."
The news may catch you by surprise: Apple just announced "Apple Pay" today, a mobile payments service that competes directly with services like Softcard and Google Wallet (NASDAQ: GOOG). Yet it appears that Softcard, backed by AT&T, T-Mobile, and Verizon Wireless, may also arrive on the iPhone. http://venturebeat.com/2014/09/09/carrier-backed-softcard-formerly-isis-is-working-with-apple-despite-being-competitors/
Apple Pay: "While there has been a great deal of activity around digital wallet offerings (e.g. Google Wallet, Softcard, Square Wallet) no one offering has gained scale given the disparate elements necessary (e.g. payment network, mobile OS, retailer support) to succeed. Note that between iTunes and the App Store, Apple has aggregated payment information on more than 800 million individual customers." RELATED: This chart spells trouble for Apple - "Collectively, Apple iPhone owners represent a highly attractive demographic that currently accounts for roughly 80% of spending from mobile phones. To the extent that Apple controls a highly desirable customer group, companies that might otherwise be reluctant to support an integrated service offering are cooperating." Read the full article at http://finance.yahoo.com/news/apple-the-morning-afetr--what-yesterday-s-announcements-mean-for-the-stock-111743507.html
Square, a San Francisco startup headed by one of Twitter's (NYSE: TWTR) founders, in 2011 introduced the Square Wallet app, which promised to let users connect their credit cards and pay for merchandise at participating retailers simply by giving their name. LevelUp, another mobile app, also connects to a shopper's credit card; users then scan a QR code at checkout to pay for their purchases. Even mobile carriers have gotten in on the act. AT&T, Verizon, and T-Mobile have banded together to create their own payment system, Isis Wallet. The service works through NFC and ships with certain smartphone models. Read more at http://time.com/money/3257772/apple-mobile-payment-wallet-nfc/
Citigroup's (NYSE: C) new digital wallet, which was announced in late August, is among the first such branded services in the country. And it was built using MasterPass, the digital-wallet service created by technologists working in MasterCard's (NYSE: MA) Operations and Technology Center in O'Fallon, Missouri.
According to MarketWatch, smart wallets - which allow consumers to use their phone to pay with credit cards - are steadily increasing in popularity as significant names, such as Apple and Google, make headway with their latest devices.
Citi's digital wallet, according to Digital Transactions, is based on MasterPass, and its users will be able to use it wherever MasterPass is accepted. Read the full commentary at http://www.bizjournals.com/stlouis/blog/biznext/2014/09/citi-using-mastercard-technology-to-offer-digital.html
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