SHELTON, CT - November 19, 2013 (Investorideas.com Newswire)
SoundView Research, a leading independent research firm, recently
published a report on NXT-ID Inc. (
OTCQB: NXTD) featuring the market and opportunity for its leading product, The Wocket™.
SoundView Research states, "We estimate that NXT-ID can capture 6
million users in the U.S. for its Wocket product. Based on the estimated
selling price of The Wocket at $99.99 per unit, and including the
optional insurance program and other ancillary services we estimate the
U.S. market opportunity for NXT-ID'S Wocket to be in the range of $780M
to $930M."
The Wocket™, anticipated to be coming to market in the first
quarter of 2014, is a new biometrically secure device designed to
replace the traditional wallet and the number of cards consumers carry.
Its dynamically programmable magnetic stripe, NXTCard can replace up to
100 cards and can include medical records, ID, coupons etc. that are
currently kept in a wallet, with one single secure card.
Authenticated users select
payment information
, via touch display or voice command and use the NXTCard as they would any other magnetic stripe credit or debit card.
The Company just reported it successfully ported its MobileBio
Voicematch™ algorithm to The Wocket™. Voicematch™ is a multi-factor
biometric technology that can be programmed to match both the user's
voice and a specific word of choice.
"We are very excited to see consumers embracing the idea of a new
simpler form of payment technology, based on the reaction to the crowd
funding start up COIN over the past few days. It shows there is a demand
and a desire to replace the current method of carrying around multiple
credit cards in a wallet," said Gino Pereira, CEO of NXT-ID, Inc.
"We have been working on The Wocket for over two years now and have
designed a product that not only replaces multiple magnetic stripe
cards but also introduces a high level of security and functionality
while doing so. The Wocket is a replacement for the wallet and will
serve as a platform for future innovation. It can read QR codes and
barcodes and will be NFC capable allowing for the next generation of
contactless payments as well as the traditional magnetic stripe contact
method. Very importantly, sensitive user information is directly loaded
on to tHE Wocket without having to pass through or be stored on
potentially unsecure platforms such as smartphones or web based
services. With our product launch anticipated for the first quarter next
year, we will be showcasing The Wocket™ developments and updates on
www.thewocket.com over the coming months. We believe consumers will be
as excited as we are about The Wocket™."
Excerpt from SoundView Research Report on The Wocket™:
The Wocket has a target market of nearly $1B in the U.S. alone. The
opportunity will expand across multiple segments, given that the
company's products target consumers, enterprise and government agencies
in the U.S. and overseas.
NXT-ID's Wocket product is the next generation of secure wallets
designed to function anywhere credit cards are accepted. There are close
to 200 million
credit card
holders in the U.S. alone and tens of millions more overseas. The
average credit card holder today has 3.5 cards. Credit cards are
associated with more than $2.5 trillion in transactions a year and are
accepted at more than 24 mil-lion locations in more than 200 countries
and territories.
Fraud is a key concern of credit card users. There is growing
demand for solutions that prevent or substantially curtail the incidence
of
credit card fraud.
The Wocket has been designed to offer consumers an affordable, mobile,
biometrically secured device that has security features and
functionality exceeding anything on the marketplace today. In addition,
NXT-ID is planning on offering users an inexpensive monthly insurance
plan for frequent credit card users that seek even greater peace of
mind.
The Wocket will also be designed to carry grocery cards, gas cards
and other retail store cards that have become widespread, thus expanding
its functionality to users beyond credit cards.
The Wocket is being designed to exploit Near Field Communications
(NFC) technology as a way to transmit secure information over mobile
devices. NFC is an emerging technology that has yet to take off, but
there certainly seems to be a great deal of potential for the technology
in the years ahead. We have seen analyst estimates of global, consumer
financial sales transactions via NFC mobile-enabled devices growing to
$50 billion by 2014. Total e-commerce sales worldwide today exceed $1
trillion, with an expected increase in market penetration of NFC-related
mobile transactions in the future.
The report also covers the full MobileBio™ suite of products including facial recognition and voice recognition.
The full research report is available
here:
MOBILE SECURITY BEYOND THE PASSWORD
STEPHEN WAITE AND KRIS TUTTLE - OCTOBER 15, 2013
About NXT- ID Inc. - Mobile Security for a Mobile World
NXT-ID, Inc.'s (OTCQB: NXTD) innovative MobileBio™ solution
mitigates consumer risks associated with mobile computing, m-commerce
and smart OS-enabled devices. The company is focused on the growing
m-commerce market, launching its innovative MobileBio™ suite of
biometric solutions that secure consumers' mobile platforms. NXT-ID'
wholly owned subsidiary, 3D-ID LLC, is engaged in biometric
identification has 22 licensed patents in the field of 3D facial
recognition
http://www.nxt-id.com/,
http://3d-id.net/
About SoundView Technology Group:
We are an independent advisory and research firm specializing in
emerging technologies as they reach commercialization. Our proprietary
research and modeling work provides valuable information for company
management teams and investors in these emerging opportunities. We
regularly publish our findings across a variety of channels including
all the major retail and institutional information outlets. SoundView is
based in Boston, Massachusetts with locations in New York and
Connecticut.
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.
Disclosures: SoundView analysts do not receive compensation for
their research opinions, any specific views or conclusions. They are
tasked to provide fact-based research with sound analysis. SoundView
does not provide investment advice or make "buy/sell/hold"
recommendations. Nor do we provide investment banking or brokerage
services. We act as a publisher of our own research work and are
responsible for all content. From January 2013 to July 2013 SoundView
provided paid advisory services NXT-ID on their business plans, company
description and
investor positioning.
Contact:
Corporate info:
info@nxt-id.com
Investor Relations
Kirin Smith
ProActive Capital Group
Direct: 646 863 6519
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From the press release: 
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