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
