#Payment News- CPI Card Group (Nasdaq: $PMTS; TSX: $PMTS.TO)
and Fit Pay (NASDAQ: $NXTD) Collaborate on Contactless Payment Objects
CPI’s Adaptives™ Embedded Contactless Technology Powers Fit Pay’s New
Flip Payment Device
LITTLETON, Colo
July 9, 2019 - CPI Card Group Inc. (Nasdaq:
PMTS, TSX: PMTS) (“CPI” or
the “Company”), a payment technology company and leading provider of credit,
debit and prepaid solutions, today announced a collaboration with Fit Pay, Inc.,
a leader in the contactless payments space and subsidiary of Nxt-ID, Inc. (NASDAQ: NXTD). Fit Pay selected CPI’s embedded contactless technology, Adaptives™,
to power contactless transactions for Flip, its new contactless payment device.
Flip allows consumers to make purchases at millions of
retail locations that accept contactless payments. Accompanying the physical
Flip is Fit Pay’s digital wallet, which enables consumers to store and manage
funds transferred from standard bank accounts, supported Bitcoin wallets and
more. Similar in size to a poker chip, Flip gives contactless payment power to
consumers in an imaginatively compact and convenient form.
Read this in full at https://www.investorideas.com/news/2019/technology/07092PMTS-NXTD-ContactlessPayment.asp
“Along with the shift to contactless payments, we’re
also seeing an evolution in consumers’ relationships with their wallets. People
went from paying with cash to mostly paying with cards,” said Jack Jania, VP of
Product Management and Innovation, CPI Card Group. “There’s significant appeal
and interest in easy to carry and quick to access payment methods, and payment
objects help answer that call. We’re thrilled to work with Fit Pay to introduce
such a distinct, contactless payment innovation in the U.S.”
Through its small size, thinness, flexibility and
cost-effectiveness, CPI’s Adaptives allows companies to “adapt” the technology
for multiple end uses and form factors for contactless payment. Additionally,
CPI’s dedication to customer support helps companies create payment objects
that capture their brand identity, no matter how simple, complex or novel they
may be. CPI worked in close collaboration to integrate Adaptives with Fit Pay’s
desired form factor to produce the contactless-enabled Flip.
“We have always been committed to advancing payment
technology, and CPI has helped us create a new contactless payment option for
consumers,” said Michael Orlando, COO of NXT-ID and President of Fit Pay, Inc.
“Flip represents a new way for people to make contactless purchases everyday
with an inexpensive, easy to use form factor. We look forward to seeing the
number of Flip users grow and working with CPI to bring more and more
innovative contactless payment devices to market in the future.”
Non-fiat funds (i.e. cryptocurrency) must first be
converted to U.S. dollars before those funds are loaded onto Flip. There are
account and exchange fees associated with maintaining a Flip digital wallet.
Flip is currently only available in the United States.
About CPI Card Group
CPI Card Group is a payment technology company and
leading provider of credit, debit and prepaid solutions delivered physically,
digitally and on-demand. CPI helps our customers foster connections and build
their brands through innovative and reliable solutions, including financial
payment cards, personalization and fulfillment, and Software-as-a-Service
(SaaS) instant issuance. CPI has more than 20 years of experience in the payments
market and is a trusted partner to financial institutions and payments services
providers. Serving customers from locations throughout the United States, CPI
has a large network of high security facilities, each of which is certified by
one or more of the payment brands: Visa, Mastercard®, American Express and
Discover®. Learn more at www.cpicardgroup.com.
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
healthcare, payment and IoT applications. 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. Learn more about Nxt-ID at www.nxt-id.com. For Nxt-ID Inc. corporate information contact: info@nxt-id.com
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 Nxt-ID's business
strategy. Nxt-ID'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; Nxt-ID's ability to implement its long range business plan for
various applications of its technology; Nxt-ID'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 Nxt-ID's technology; and
management of growth and other risks and uncertainties that may be detailed
from time to time in Nxt-ID's reports filed with the Securities and Exchange
Commission.
EMV is a registered trademark or trademark of EMVCo
LLC in the United States and other countries.
ICR Inc. for CPI Card Group
Sourav Das
203-682-8283
Source: CPI Card Group Inc.
NXTD
Media Contacts:
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