NXT-ID (NASDAQ: $NXTD) Subsidiary FitPay to Power Garmin Pay
(NASDAQ: $GRMN) on Garmin vívoactive 3
Smartwatch
Company to add NFC-enabled mobile payment
capabilities to one of the most complete watches on the market for an active
customer
MELBOURNE, Florida, August 31,
2017 – Fit
Pay, Inc., a wholly
owned subsidiary of NXT-ID, Inc. (NASDAQ: NXTD) and a provider of payment, credential
management, and authentication platform services, today
announced that it is powering the payment capabilities for the vívoactive 3, a
new smartwatch by leading wearables company, Garmin International Inc. (NASDAQ: GRMN). The new feature, called Garmin
PayTM, enables consumers to make contactless payments at near-field
communication-enabled (NFC) point-of-sale (POS) locations, adding a powerful
new feature to one of the most complete smartwatches on the market for the
active consumer.
“Our team is extremely excited to be working with Garmin to enable
Garmin Pay. The inspiration behind FitPay’s drive to enable payments on a whole
new generation of devices came while on a bike ride wearing my Garmin,” said
Michael Orlando, president of Fit Pay, Inc. and COO of NXT-ID. “The vívoactive
3 with Garmin Pay gives people with active lifestyles an incredibly easy and
convenient way to pay without having to carry a phone or wallet – something
anyone who runs, bikes or just leads a fast-paced life will love."
The vívoactive 3 was launched by Garmin at the International
Franchise Association’s (IFA) Consumer Electronic Unlimited show in Berlin,
Germany on August 31, 2017. The complete sports smartwatch offers a range of
features, including Garmin Pay, a new contactless payment capability that is
powered by the FitPayTM payment platform. The FitPay platform
provides the vívoactive 3 with contactless payment capabilities and full
digital wallet functionality within the Garmin application, enabling consumers
to make contactless payments with the smartwatch at NFC-enabled POS terminals
using an existing credit or debit card account. The vívoactive 3 will be
available for purchase at Best Buy or on BestBuy.com.
“We are incredibly excited to work with FitPay to offer our
customers an easy way to make purchases while on the move,” said Dan Bartel,
Garmin vice president of worldwide sales. “With Garmin Pay, you now have the
freedom to leave your phone and wallet at home without losing your payment
capabilities.”
Garmin Pay and the vívoactive 3 are connected to the FitPay
Trusted Payment ManagerTM platform, which is integrated with
Mastercard (NYSE:
MA) through the Mastercard Digital Enablement
Service (MDES) and with Visa (NYSE:V) through the Visa Ready for Tokenization program.1
“We are thrilled to work with FitPay and see the first product
launch come out of our Visa Ready for Tokenization program, which was developed
to help partners accelerate payment capabilities across the wearable category,”
said Jim McCarthy, executive vice president, innovation and strategic
partnerships, Visa. “Our network of partners, combined
with the right technology solutions, will continue to be fundamental in driving
payment functionality in connected devices and allows us to continue to welcome
new partners into the payment ecosystem.”
“Mastercard wants to provide its cardholders the choice and peace
of mind to make more secure digital payments from a variety of connected
devices through a tap, touch, or click,” said Kiki Del Valle, senior vice
president, Commerce for Every Device, Mastercard. “Enabling
payments on innovative, new devices like the Garmin vívoactive
3 gives consumers more choices in how they pay and provides them
the freedom to shop when, where and how they want.”
FitPay’s proprietary technology platform delivers payment,
credential management, authentication, and other secure services to the Internet
of Things (IoT) ecosystem. The platform uses NFC technology to interact with
over 10 million retail POS terminals worldwide, making it possible to pay for
goods and services almost anywhere with a simple tap. FitPay’s end-to-end
payment solution allows IoT and wearable device manufacturers to add payment
and authentication capabilities to their products with very little start-up
time, no investment in software development and access to the leading card
networks.
1 View
supported country, payment network and issuing bank information at
Garmin.com/garminpay/banks
About
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 three 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; 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, and 3D-ID LLC, which is engaged in biometric identification and
authentication. Learn more about NXT-ID at www.nxt-id.com. FitPay and the FitPay Payment Platform are the sole
property of Fit Pay, Inc.
About
Garmin International Inc.
The ever-expanding Garmin fitness segment develops technologies to
enhance and promote healthy and active lifestyles. Whether users are runners,
cyclists, swimmers, multi-sport athletes, or simply looking to stay active
throughout the day, there is a Garmin product that can help them reach their
health and fitness goals. For decades,
Garmin has pioneered new GPS navigation and wireless devices and applications
that are designed for people who
live an active lifestyle. Garmin serves five primary business units, including
automotive, aviation, fitness, marine, and outdoor recreation. For more
information, visit Garmin's virtual pressroom at garmin.com/newsroom, contact the Media Relations department at
913-397-8200, or follow us at facebook.com/garmin, twitter.com/garmin, or youtube.com/garmin.
Garmin International, Inc., is a subsidiary of
Garmin Ltd. (Nasdaq: GRMN). Garmin Ltd. is incorporated in Switzerland, and its
principal subsidiaries are located in the United States, Taiwan, and the United
Kingdom. Garmin and vívoactive are registered trademarks. Garmin Pay is a trademark
of Garmin Ltd. or its subsidiaries. All
other brands, product names, company names, trademarks and service marks are
the properties of their respective owners. All rights reserved.
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.
NXT-ID Inc. Contact:
Media:
Chris
Orlando
D.
Van Zant
+1-800-665-0411
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