Breaking Tech News: Research Update From SoundView;
Commercial Ramp of NXT-ID, Inc.'s (Nasdaq:NXTD; NXTDW) Wocket Smart Wallet
BOSTON.
MA - May 20, 2015 (Investorideas.com Newswire) SoundView Technology Group
issues an updated research note on the NXT-ID, Inc. (NASDAQ: NXTD; NXTDW)
Wocket smart wallet (www.wocketwallet.com) and the results
of day- to-day usage.
The
following is an excerpt to the report from Kris Tuttle, Director of Research
The
full update is available for download here:
Company Update
Back
in March we published an NXT-ID update note on the first "early
access" Wockets shipping which allowed the company to gather feedback from
field use. I had good success with my own Wocket even though it was a
pre-release version which had a handmade prototype card that was too thick for
some types of usage.
Sixty
days later, NXT-ID is preparing to fulfill their existing pre-orders this month
which will put several hundred units into the market. The plan for June is to
ship a few thousand units to customers who have requested invitations to order
a unit. By July, the company should reach their baseline production capability
of 10,000 units/month, which will coincide with initiatives in marketing and
sales as well as some new distribution partners who will help with market
penetration and fulfillment.
Using the New Wocket
I
took my updated Wocket out for a spin and noticed a few additional features.
First of all, the card is production quality and has my name on it. It's thin
enough to put into any device from swipe to dip to full insertion, so I can use
it in any scenario. There's also a subtle backlight, so it's easier to use in
the dark which comes up in cabs and romantic restaurants.
There
is one new minor feature that turned out to be a major benefit for me – the
"note" option. I believe that this is a giant differentiator between
the Wocket and "smart card" solutions like Coin. The Wocket has a
place that effectively eliminates all those little slips of paper you often put
in your wallet – like the access code for a gate you sometimes go through, the
number for AAA and your membership number, your passport number, etc.
These
all fit into a class of information that is short, alphanumeric and seldom
used. Yes, you can have all of this on your phone, but that's not the best
place for it in terms of security or ease of access.
The
day to day use of the card works just fine in all types of scenarios – we used
both Visa and American Express credit cards, and a debit card too. Again, we
found the awareness level of the technology in general "that's one of
those cards you can store all your cards on." Where discussion ensued, the
top issue was security. When I described the encryption, lack of network
access, PIN and biometric identification, every person responded favorably
across a broad demographic range. Anecdotally I'd say the older a person was,
the more concerned they seemed to be with security and the more thrilled to
feel that they could make their cards more secure with this kind of approach.
Not
every reader works with the Wocket, so one does need to keep a single card
along with your ID or license in the extra pocket. For example, my tennis club
in NY is a small one with a reader literally taped to the counter and it
wouldn't swipe the Wocket card even with several attempts. Our sample size isn't
big enough to make specific predictions, but for us we had about a 9 out of 10
success rate. Not 100%, but for me good enough. It's worth noting that the
design of the Wocket doesn't prevent it from eventually reaching the goal of
100% acceptance but it's not there yet.
Our
full update is available for download here:
About NXT- ID Inc. - Mobile
Security for a Mobile World: (NXTD) (NXTDW):
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 led by
Wocket®; a next generation smart wallet designed to replace all the cards in
your wallet, no smart phone required. Wocket was recognized as one of the top
technology products at CES 2015 by multiple media outlets including Wired.com.
The Wocket works anywhere credit cards are accepted and only works with your
biometric stamp of approval. http://www.wocketwallet.com/
NXT-ID'
wholly owned subsidiary, 3D-ID LLC, is engaged in biometric identification and
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.
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 which is correct to the best of our abilities but
by no means should it be relied upon without further validation and
confirmation. SoundView provides paid advisory services NXT-ID on their
business plans, technology description and investor positioning
Any questions please contact:
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Disclosure: As of January 1, 2015 NXT-Id renewed for five thousand per month and
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