#Payment
News: Discover @Discover_News (NYSE: $DFS) and NXT-ID @NXT_ID (Nasdaq: $NXTD) Subsidiary FitPay @FitPayInc Partner
to Extend Payments to IoT Devices
Agreement gives
Discover cardholders access to the latest payment technology for more secure
and convenient contactless payments
Riverwoods, IL and Melbourne, FL, February 26, 2018 – Discover
Financial Services and FitPay, Inc., a wholly owned
subsidiary of NXT-ID, Inc., (NASDAQ: NXTD), today announced a
network services agreement to allow devices that are integrated with the FitPay
Payment PlatformTM to provision tokenized payment credentials
through Discover® Digital Exchange (DDX). The agreement enables
Discover cardholders, along with alliance partner cards, to easily make
contactless payment transactions at retail locations with wearable or Internet
of Things (IoT) devices that include payment capabilities powered by FitPayTM.
“With the advancements
of mobile technology, the way customers interact with merchants is being
re-imagined with an eye toward more secure and convenient methods of payment,”
said Diane Offereins, Discover’s president of payment services. “This integration
with FitPay is one more way in which Discover is continuing to enhance the
payment experience and provide more options for our cardholders on how and
where they pay.”
Under the agreement,
FitPay’s payment and digital wallet platform will be integrated with the
Discover tokenization platform, DDX. FitPay’s platform enables manufacturers of
IoT and wearable devices to add contactless payment capabilities to their
products, making it possible for consumers to pay for goods and services at
near field communication (NFC)-enabled point-of-sale terminals with a simple
tap. The platform uses tokenization, a
payment security technology that replaces cardholders’ account information with
a unique digital identifier (“payment token”), to transact more secure contactless
payments. The agreement gives Discover cardholders access to the latest
contactless payment technology.
“Consumers should have
options in how they pay, and this agreement makes cutting-edge payment devices
available to Discover cardholders,” said Michael Orlando, COO of NXT-ID and
president of FitPay, Inc. “Making payments easy, secure and frictionless
requires building an extensive ecosystem. Discover is a unique and important
part of that ecosystem, and we are very pleased be able to make the network
available to devices on the FitPay Platform.”
Manufacturers of 15 IoT and wearable
devices are currently integrating with the FitPay Payment Platform. Product
announcements from manufacturers of the devices integrating with the FitPay
platform are anticipated in 2018.
About Discover
Discover
Financial Services (NYSE: DFS) is a direct banking and payment services company
with one of the most recognized brands in U.S. financial services. Since its
inception in 1986, the company has become one of the largest card issuers in
the United States. The company issues the Discover card, America's cash rewards
pioneer, and offers private student loans, personal loans, home equity loans,
checking and savings accounts and certificates of deposit through its direct banking
business. It operates the Discover Network, with millions of merchant and cash
access locations; PULSE, one of the nation's leading ATM/debit networks; and
Diners Club International, a global payments network with acceptance in more
than 185 countries and territories. For more information, visit: www.discover.com/company.
NXT- ID, Inc. and
FitPay, 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; FitPay, 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. NXT-ID Inc.
Corporate Contact: info@nxt-id.com. FitPay
and the FitPay Payment Platform are trademarks of FitPay, Inc.
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.
Media Contacts:
Chris
Orlando
FitPay,
Inc.
760-468-7273
Jeremy
Borling
Discover
224-405-4252
@Discover_News
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