NFC-enabled mobile payment capabilities added to one of the most complete watches on the market for an active customer
Contactless Payments expected to rise from less than 2% of transactions this year to 34% by 2022
Investorideas.com, a global news source and investor resource covering payment and tech stocks issues a news alert on developments in the sector.
A recent study from Juniper Research found more than half (53%) of global transactions at POS (Point of Sale) will be contactless within 5 years, compared to just 15% this year.
The report POS & mPOS Terminals: Vendor Strategies, Positioning & Market Forecasts 2017-2022, found that adoption in the US would rise sharply over the period, with contactless rising from less than 2% of transactions this year to 34% by 2022.
On August 31, Fit Pay, Inc., a wholly owned subsidiary of NXT-ID, Inc. (NASDAQ: NXTD) and a provider of payment, credential management, and authentication platform services, announced that it is powering the payment capabilities for the vívoactive 3, a new smartwatch by leading wearables company, Garmin International Inc.. The new feature, called Garmin Pay(TM) enables consumers to make contactless payments at near-field communication-enabled (NFC) point-of-sale (POS) locations, adding a powerful new feature to one of the most complete smartwatches on the market for the active consumer.
"Our team is extremely excited to be working with Garmin to enable Garmin Pay. The inspiration behind FitPay's drive to enable payments on a whole new generation of devices came while on a bike ride wearing my Garmin," said Michael Orlando, president of Fit Pay, Inc. and COO of NXT-ID. "The vívoactive 3 with Garmin Pay gives people with active lifestyles an incredibly easy and convenient way to pay without having to carry a phone or wallet - something anyone who runs, bikes or just leads a fast-paced life will love."
The vívoactive 3 was launched by Garmin at the International Franchise Association's (IFA) Consumer Electronic Unlimited show in Berlin, Germany on August 31, 2017. The complete sports smartwatch offers a range of features, including Garmin Pay, a new contactless payment capability that is powered by the FitPay(TM) payment platform. The FitPay platform provides the vívoactive 3 with contactless payment capabilities and full digital wallet functionality within the Garmin application, enabling consumers to make contactless payments with the smartwatch at NFC-enabled POS terminals using an existing credit or debit card account. The vívoactive 3 will be available for purchase at Best Buy or on BestBuy.com.
"We are incredibly excited to work with FitPay to offer our customers an easy way to make purchases while on the move," said Dan Bartel, Garmin vice president of worldwide sales. "With Garmin Pay, you now have the freedom to leave your phone and wallet at home without losing your payment capabilities."
Garmin Pay and the vívoactive 3 are connected to the FitPay Trusted Payment Manager(TM) platform, which is integrated with Mastercard through the Mastercard Digital Enablement Service (MDES) and with Visa through the Visa Ready for Tokenization program.([) (1) (])
"We are thrilled to work with FitPay and see the first product launch come out of our Visa Ready for Tokenization program, which was developed to help partners accelerate payment capabilities across the wearable category," said Jim McCarthy, executive vice president, innovation and strategic partnerships, Visa. "Our network of partners, combined with the right technology solutions, will continue to be fundamental in driving payment functionality in connected devices and allows us to continue to welcome new partners into the payment ecosystem."
"Mastercard wants to provide its cardholders the choice and peace of mind to make more secure digital payments from a variety of connected devices through a tap, touch, or click," said Kiki Del Valle, senior vice president, Commerce for Every Device, Mastercard. "Enabling payments on innovative, new devices like the Garmin vívoactive 3 gives consumers more choices in how they pay and provides them the freedom to shop when, where and how they want."
FitPay's proprietary technology platform delivers payment, credential management, authentication, and other secure services to the Internet of Things (IoT) ecosystem. The platform uses NFC technology to interact with over 10 million retail POS terminals worldwide, making it possible to pay for goods and services almost anywhere with a simple tap. FitPay'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 access to the leading card networks.
([) (1) (]) View supported country, payment network and issuing bank information at Garmin.com/garminpay/banks
Juniper Research is acknowledged as the leading analyst house in the digital commerce and fintech sector, delivering pioneering research into payments, banking and financial services for more than a decade.
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
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(END) Dow Jones Newswires
September 05, 2017 07:30 ET (11:30 GMT)