NXT-ID, a biometrics company aspiring to be a major player in the expanding mobile commerce market, announced that it has submitted a patent application for its innovative digital wallet technology. As a follow up to U.S. provisional patent application No. 61/710,826, NXT-ID has filed patent application 14/049175 for a: method for replacing traditional payment and identity management systems and components to provide additional security and a device implementing said method.
This patent will serve as the foundation for NXT-ID’s widely anticipated next generation payment and identity product, the Wocket™.
“Rather than attempting to replace the wallet, as companies such as Google and Isis (founded by AT&T Mobility, T-Mobile USA and Verizon Wireless) are doing by putting contactless payment capability on smartphones, our method brings the wallet into the 21st century,” said Gino Pereira, CEO of NXT-ID, Inc.
“We offer an alternative solution to those who do not wish to give up their wallet and market studies show that represents a significant portion of the population. We offer the modern wallet an electronic vault that is actually part of the wallet, securely protecting private information accessible only by the user via biometric enabled multi-factor authentication. What is unique about this invention is that it secures private information found within a typical wallet, such as credit cards, debit cards, identification information, medical information and records and makes this private information available to owners via an interface made so simple that anyone can use it as they would use their wallet today.”
The Wocket™ features unique biometrically enabled multi-factor authentication to guarantee users that their private information will be secure. Only owners will have the ability to copy their private information into or out of the secure vault wallet device and onto the dynamically programmable magnetic stripe NXTCard. After transferring this information, authenticated users may use either touch display or voice command to select payment information, then use the NXTCard as they would any other magnetic stripe credit or debit card.
The NXTCard also has the capability to replace multiple cards currently kept in a wallet with a single secure card, further differentiating it from current market offerings.
For further information, please visit www.nxt-id.com
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