Fit Pay, Inc., a wholly owned subsidiary of NXT-ID, Inc. (NASDAQ: NXTD) and a provider of payment, credential management, and authentication platform services today announced that it would offer prepaid capabilities on wearable devices connected to the Fit Pay Payment Platform. The general purpose reloadable (GPR) program, 'The FitPay Prepaid MasterCard(R)', will give consumers with Fit Pay's contactless payment-enabled devices the convenience of storing funds directly on their device. The new feature provides consumers with the ease and security of contactless payments.
"Adding reloadable prepaid capabilities is a new feature for devices on our platform and makes our payment enablement services available on a wider range of form factors," said Michael Orlando, President of Fit Pay, Inc. and COO of NXT-ID.
The FitPay Prepaid MasterCard(R) option will be available to device OEMs that integrate their products with the Fit Pay platform. The new feature allows consumers to load their Fit Pay-enabled Internet of Things (IoT) or wearable device with a prepaid value for contactless purchases. A digital wallet allows the user to re-load the account, set top-off thresholds and manage the account settings.
"Prepaid accounts give consumers more flexibility in how they make contactless payments," added Orlando. "This is particularly appealing to millennials who are more likely to use a prepaid account, more likely to own a wearable and more likely to make a contactless payment."
The FitPay Prepaid MasterCard(R) is sponsored by Sunrise Banks, N.A. Cascade Financial Technology Corp. serves as the program manager. The device can be used everywhere that Debit MasterCard(R) is accepted.
"Prepaid is a natural fit for enabling payments within the IoT ecosystem. It meets consumers' needs for security and control as their payment credentials are linked to a wider set of devices. The flexible nature of the prepaid platform enables many innovative use cases with both traditional and non-traditional players, and our work with Fit Pay is a great example," said Solana Cozzo, North America Vice President of Prepaid and Inclusive Growth for MasterCard(R).
Fit Pay's proprietary technology platform delivers payment, credential management, authentication and other secure services to the IoT ecosystem. The platform uses Near Field Communication (NFC) technology to interact with over 10 million retail point-of-sale (POS) terminals worldwide, making it possible to pay for goods and services almost anywhere with a simple tap. Fit Pay's end-to-end payment solution allows IoT and wearable device manufacturers to add payment and authentication capabilities to their products with very little start-up time, no investment in software development and instant access to the leading card networks.
About NXT- ID, 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(R), a suite of biometric solutions that secure consumers' mobile platforms, the Wocket(TM), 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 http://www.nxt-id.com
About Sunrise Banks
Sunrise Banks, N.A., based in St. Paul, Minnesota, seeks to radically change the way urban communities and underserved people thrive by empowering them to achieve their aspirations. Sunrise is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation earned by approximately 100 banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking on Values and is a certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact. Visit Sunrise Banks at SunriseBanks.com, on Twitter @SunriseBanks or on Facebook. Sunrise Banks is Member FDIC.
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.
The FitPay Prepaid MasterCard(R) is issued by SUNRISE BANKS N.A., Member FDIC, pursuant to a license from MasterCard International Incorporated. MasterCard(R) is a registered trade mark of MasterCard International Incorporated.
NXT-ID Inc. Contact: Corporate info: email@example.com; Media: Chris Orlando, firstname.lastname@example.org; D. Van Zant, +1-800-665-0411, email@example.com
SOURCE NXT-ID, Inc.
(END) Dow Jones Newswires
July 11, 2017 08:00 ET (12:00 GMT)