Tech Alert: A Revolution in Payment Systems; Biometric
Experts Talk about Apple Pay and Smart Wallets
New York, NY - Point Roberts, WA - October 22, 2014
(www.investorideas.com newswire) Investorideas.com (www.investorideas.com), a
financial news source covering leading sectors including biometrics and mobile
tech, issues follow-up commentary from biometric experts following the official
launch of Apple Pay. Alan Goode of Goode Intelligence, Janice Kephart, founder
of the Secure Identity and Biometrics Association (SIBA) and Gino Pereira, CEO
of NXT-ID (NASDAQ: NXTD) a company introducing its own biometric smart wallet,
talk about the controversial launch that is shaking up the payment industry.
Biometric
expert Alan Goode of Goode Intelligence commented, "Apple Pay has the
potential to kick-start the mobile payments market and Apple has created a
solution that is convenient, smart and secure. By partnering with large parts
of the payments ecosystem, Apple Pay could well succeed where other mobile
payments solutions have faltered. I think the stand-out feature of Apple Pay is
the use of fingerprint biometrics for authentication purposes and mirrors
PayPal and Alipay in its adoption. Other news this week; with the partnership
between biometric card vendor, Zwipe, and MasterCard we may well be at the
beginning of a transformation for payment authentication, replacing PINs for
higher-value contact card-based payments and facilitating increased amounts for
purchases using contactless cards and NFC-equipped mobile devices."
Janice Kephart, founder of the Secure
Identity and Biometrics Association (SIBA) said,
"Apple Pay's launch could be a
revolution in payment systems, and make using physical credit cards obsolete.
But there are barriers to overcome in perceptions about privacy, security and
convenience. It also is operating in a relatively small playing field:
consumers must own an iPhone 6 and 6 Plus (the only phones which have both a fingerprint
sensor and NFC (near field communication) chips and merchants must have NFC readers (they need
not 'sign-up' for Apple Pay however). While the fingerprint sensor is one of
the core gateway tools between a successful approved purchase or not and is
accepted in the market at this point, there is another issue that has nothing
to do with biometrics: people are so weary of trumped-up security going awry
and ending in personal identifiable information being hacked, many will likely
stay in a wait-and-see mode at least for the foreseeable future.
That
doesn't mean Apple Pay will fail. It simply means it may take a bit for it to
catch on."
Gino Pereira, CEO of NXT-ID, Inc, (NASDAQ:
NXTD), a company launching a biometric smart wallet separate from a smartphone
remarked; "Apple Pay has the potential to do well within a certain sector
of the payments market. The obvious qualification is that one has to have an
iPhone 6, so that will take a little time to build critical mass. Merchant
terminals also need some to convert to the new NFC technology and with 10
million of them in the US it will take some time. Also certain significant
vendors will not participate in the Applepay program ; notably the MCX members;
7-Eleven, Inc.; Alon Brands; Best Buy Co., Inc.; CVS/pharmacy; Darden
Restaurants; HMSHost; Hy-Vee, Inc.; Lowe's; Michaels Stores, Inc.; Publix Super
Markets, Inc.; Sears Holdings; Shell Oil Products US; Sunoco, Inc.; Target
Corp. and Wal-Mart Stores, Inc. These stores represent one trillion dollars of
purchases so the payments market continues to be very fragmented with many
vendors vying for market share."
There is no doubt that if Apple is entering
the smart wallet market, the opportunity is significant and they want their
share. For consumers and investors, the smart wallet race is on and the payment
industry is undergoing rapid change and there will be multiple choices and ways
to benefit from this revolution and evolution.
Original article September 12, 2014:
Read this release
in full at http://www.investorideas.com/news/2014/technology/10221.asp
Goode Intelligence works in information
security, mobile security, authentication and identity verification,
biometrics, enterprise mobility and mobile commerce sectors.
SIBA represents vendors, nonprofits, and
research institutions dedicated to responsible use of innovations, including
biometrics, that protect and secure identity.
About
NXT- ID Inc. - Mobile Security for a Mobile World
NXT-ID, Inc.'s (NASDAQ: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 led by the Wocket™; a next
generation smart wallet designed to replace all the cards in your wallet, no
smart phone required. The Wocket works anywhere credit cards are accepted and
only works with your biometric stamp of approval. www.wocketwallet.com
NXT-ID's wholly owned subsidiary, 3D-ID
LLC, is engaged in biometric identification that has 22 licensed patents in the
field of 3D facial recognition www.nxt-id.com, www.3d-id.net
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