NXT-ID, Inc. (NASDAQ: NXTD) is a biometric authentication
company focused on the growing mobile commerce market. Founded in 2011, the
company has an established portfolio of technology patents and biometric
security solutions, including Wocket®, a next-generation smart wallet designed
to replace all of customers’ credit cards without the need for a mobile phone.
In addition to credit cards, NXT-ID’s innovative product offers consumers the
means to protect a wide array of payment and personal information – including
debit, loyalty, gift, ID, membership, insurance, medical information and
passwords.
“Wocket acts as a personal vault for all your cards and
identification information,” Gino Pereira, chief executive officer of NXT-ID,
stated in a news release. “Wocket addresses convenience like few other
competitive technologies with its ability to store thousands of cards and the
fact that it can be used at almost all point of sale readers, something mobile
apps cannot do.”
Identity theft occurs every 45 seconds in the United States,
and, in 2012, the total costs associated with this theft grew to more than
$24.7 billion, according to the Federal Trade Commission. Among these crimes,
an estimated 43 percent stemmed from lost or stolen wallets, according to a report
by Javelin Strategy & Research, further demonstrating the potential
benefits of NXT-ID’s groundbreaking payment solution. With most identity theft
protection services only springing into action after theft has occurred, the
company’s revolutionary proactive approach could help to establish it as a
major player in a potentially massive market segment.
In recent months, NXT-ID has continued preparing for the
future of technology by aggressively expanding upon its intellectual property
(IP) portfolio. Earlier this month, the company filed provisional patents for
both behavior-directed payments, which covers the use of gesture controls to
choose a payment account, and personalized tokenization payments, which allow
for the generation of unique, one-time-use tokens that identify both the user
and the account without revealing any sensitive information.
“We continue to build out our patent and IP portfolio as the
payment industry evolves,” continued Pereira. “It is critical for a technology
company like ours to position our technology ahead of the curve.”
AT CES 2015, Wocket was recognized by multiple media outlets
as one of the top technology products on display. NXT-ID will look to leverage
this momentum as it ramps up commercialization efforts moving forward. Based on
its current plans, NXT-ID will continue to scale the rollout of Wocket in the
coming months, producing an estimated 30,000 units in the third quarter of this
year. When complete, these efforts are expected to provide a platform upon
which the company could realize considerable market growth in the future.
For more information, visit www.nxt-id.com
MissionIR is committed to connecting the investment community with companies that have great potential and a strong dedication to building shareholder value. We know our reputation is based on the integrity of our clients and go to great lengths to ensure the companies represented adhere to sound business practices.
Sign up for “The Mission Report” at www.MissionIR.com
Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html
