news and research portal specializing in leading sectors including
biometrics and mobile technology issues an exclusive interview with Mr.
Gino Pereira, Chief Executive Officer of NXT-ID, Inc (OTCQB: NXTD) and Mr. Kanishk Parashar, CEO of Coin. The CEOs discuss their innovative payment technologies coming to market in 2014.
. As the two companies prepare for their roll-out in 2014, Investorideas interviews both CEOs to give consumers insight as to what will differentiate the products to the end user.
NXT-ID, Inc’s, The Wocket™ contains a single secure smart card that can hold up to 100 cards and is designed to replace all the cards in your wallet. The Wocket™ works anywhere that credit cards are accepted and can only be used with your biometric or touch screen authentication. The Wocket™ is scheduled to come to market in the first quarter of 2014.
COIN, a company that puts eight credit cards in one COIN is taking pre- orders from consumers for delivery in the summer in 2014. Management believes believe Coin is a substantial improvement on how consumers interact with, and use cards that have a magnetic stripe.
NXT-ID, Inc Interview:
Q: Investorideas.com
What is the idea behind the wocket™?
A: Gino Pereira, Chief Executive Officer of NXT-ID, Inc
The wocket™ is our interpretation of everything a modern wallet should be. It has a single reprogrammable credit card
within the wocket to allow secure payments to be made in a traditional
manner but the wocket has other functionality too and will be able to
display identification as well as hold cash just like a traditional
wallet. Q: Investorideas.com
What is the battery life of the smart card in the wocket?
A: Gino Pereira, Chief Executive Officer of NXT-ID, Inc
The smart card in the wocket is automatically recharged when it is in the wocket so it will never run out of juice! The wocket uses two CR batteries that need to be replaced every 2 to 4 years depending on frequency of use but they are inexpensive and widely available.
Q: Investorideas.com
Does the phone need to be near for the wocket to work?
A: Gino Pereira, Chief Executive Officer of NXT-ID, Inc
No. The wocket does not depend on a phone to work. In fact no confidential information in the wocket is ever passed through a phone or the internet. It is an important security feature.
Q: Investorideas.com
What security features does the wocket have?
A: Gino Pereira, Chief Executive Officer of NXT-ID, Inc
In order to access the wocket for use, the user must authenticate themselves through the use of a multi-factor voice biometric algorithm or through a unique identifier on the touch screen. As we have previously stated, no confidential information in the wocket is ever passed through a phone. The confidential card information is loaded directly on to the wocket through a scanner that has an input directly into the wocket. In addition after the card is used, the wocket zeroizes the magnetic strip meaning no information is retained on the card. If the card is lost there is no useful information on it. In fact purchasers can subscribe to an insurance plan with us so that if their card is lost we will replace it overnight and they can continue life as normal within 24 hrs.
Q: Investorideas.com
What features does the wocket offer other than making credit card payments
? A: Gino Pereira, Chief Executive Officer of NXT-ID, Inc
Any card with a magnetic stripe can be loaded on the wocket so debit cards
,
gas cards, supermarket cards and other loyalty cards can all be used.
The wocket can also display barcodes and identity cards. The fact that
the wocket is a smart wallet also means that future editions will be
able to make touchless payments, often known as “touch and go”, and NFC
capability means that you could even use it at to make EZ-pass payments
while you are driving. Of course you will also be able to hold cash in
your wocket as well. COIN Interview:
Q: Investorideas.com
I had read that the battery life of COIN is 2 years; is that correct? And if so what kind of usage is that based on in testing?
A: Kanishk Parashar, CEO of Coin
COIN’s battery life is 2 years under normal usage. Normal usage is 10 swipes per day.
Q: Investorideas.com
What happens if the phone battery dies? does it still work?
A: Kanishk Parashar, CEO of Coin
Coin uses the concept of a leash, when the phone battery dies, the leash breaks and Coin locks down and disables itself. Once this happens, users can manually unlock Coin using a single button passcode (similar to a morse code) and continue to use their Coin without their phone.
Q: Investorideas.com
How do they get the credit info onto the phone app? How is it downloaded?
A: Kanishk Parashar, CEO of Coin
Credit card info is downloaded to your phone app by first taking a picture of the front and back of your card, answering personal security questions and finally through a card reader dongle attached to your phone.
Q: Investorideas.com
Have you tested the magnetic stripe with all kinds of payment cards? And can you say which ones?
A: Kanishk Parashar, CEO of Coin
We have proven and tested the magnetic stripe with all kinds of payment cards such as Visa, MasterCard, and AMEX just to name a few, as well as other magnetic striped cards like loyalty cards, gift cards, and membership cards.
Q: Investorideas.com
Does the phone need to be near for COIN to work?
A: Kanishk Parashar, CEO of Coin
( as per question 2) Coin uses the concept of a leash, when the phone battery dies, the leash breaks and Coin locks down and disables itself. Once this happens, users can manually unlock Coin using a single button passcode (similar to a morse code) and continue to use their Coin without their phone.
Q: Investorideas.com What stops someone that gets a hold of your COIN, from accessing all 8 cards you may have downloaded? For example what happens if it falls in the hands of either a customer service person or if you loose it or someone steals it?
A: Kanishk Parashar, CEO of Coin
When you give your COIN to a customer service person or waiter, you can lock the card to avoid unwanted swipes from occurring. Additionally COIN will keep track of the number of times it is swiped and will alert you when actions are suspicious. When your COIN is lost or stolen, it will be disabled and inoperable as soon as it breaks connectivity with your mobile phone and will not function until it is manually enabled or reconnected to your phone.
About NXT- ID Inc. - (OTCQB: NXTD) Mobile Security for a Mobile World
NXT-ID, Inc.'s 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/, http://thewocket.com/
About COIN
Hold all your cards in one Coin.
https://onlycoin.com/about/
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or 212-822-8842 Sources: Investorideas.com, COIN, NXT- ID Inc
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