#Tech News: Westpac and
NXT-ID (NASDAQ: $NXTD) Subsidiary #FitPay to Extend #ContactlessPayments to
Devices
#GarminPay™ first to launch with new payment
options for Westpac customers
MELBOURNE,
Florida - June 20, 2018 (Investorideas.com Newswire) Westpac, Australia's
oldest bank and company, and one of four major banking organizations in
Australia and New Zealand, and Fit Pay, Inc., a wholly owned subsidiary of
NXT-ID, Inc. (NASDAQ:
NXTD)
and a provider of payment, credential management, and authentication platform
services, have today announced an agreement to extend contactless payment
capabilities to a range of new devices, including the latest smartwatches from
Garmin International, Inc. (GRMN).
The
Agreement enables Westpac customers to make secure contactless payments at
NFC-enabled point-of-sale locations directly from Internet of Things (IoT) and
wearable devices that are integrated with the FitPay'sTM Trusted Token
ManagerTM.
Read this news in
full at http://www.investorideas.com/CO/NXT/news/2018/06201FitPay.asp
Under
the agreement, Westpac will participate in FitPay's Token Requester Program,
which enables cardholders to securely add their payment credentials to devices
that are integrated with FitPay's token management solution. The platform uses
tokenization, a payment security technology that replaces cardholders' account
information with a unique digital identifier (a "token"), to transact
highly secure contactless payments. It allows consumers to pay at near-field
communication-enabled point-of-sale terminals with a simple tap.
The
FitPay Trusted Token Manager provides contactless payment capabilities and full
digital wallet functionality to a variety of IoT and wearable devices. The
Platform powers the Garmin Pay™ capability on several recently launched
smartwatches by Garmin. Garmin Pay is currently enabled on the vívoactive® 3,
the vívoactive 3 Music, the Forerunner® 645, the Forerunner 645 Music, and the
fēnix® 5 Plus series.
"Westpac
has a long tradition of using technology to make its customers lives
easier," said Michael Orlando, COO of NXT-ID and President of Fit Pay,
Inc. "Extending payments to more devices gives Westpac customers greater
flexibility in how they pay and helps fit how they pay more seamlessly into how
they live."
NXT-
ID, Inc. and Fit Pay 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®, a suite of biometric solutions that secure consumers'
mobile platforms, the Wocket™, a next-generation smart
wallet and the Flye, a digital credit card developed in collaboration with
WorldVentures. NXT-ID includes 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 and 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. Learn
more about NXT-ID at www.nxt-id.com. For NXT-ID
Inc. corporate information contact: info@nxt-id.com
FitPay and the FitPay Payment Platform are the sole property of Fit
Pay, Inc.
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.
Media Contacts:
Chris Orlando
+1-760-468-7273
D. Van Zant
+1-800-665-0411
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