Garmin® (Nasdaq:
$GRMN) and NXT-ID (Nasdaq: $NXTD) Subsidiary FitPay Expand Garmin Pay to Visa Accountholders
MELBOURNE, Florida,
December 5, 2017 –
(Investorideas.com Newswire) Garmin International, Inc. (NASDAQ: GRMN) and Fit
Pay, Inc., a wholly owned subsidiary
of NXT-ID, Inc. (NASDAQ: NXTD), today announced that
the Garmin PayTM contactless payment feature is now available for eligible
Visa credit, debit and prepaid accounts from many of the network’s major participating
issuing banks. The new feature on Garmin’s latest smartwatch, the vívoactive®
3, enables consumers to make highly secure contactless payments at near-field
communication-enabled (NFC) point-of-sale (POS) terminals, allowing them to tap
to pay at millions of retails locations and contactless-enabled ATMs.
“We’re excited to expand
the availability of Garmin Pay to Visa cardholders,” said Dan Bartel, Garmin
vice president of worldwide sales. “The ability to make purchases right from
the wrist, without phone or wallet, is an incredibly valuable feature for our
active lifestyle customers.”
The vívoactive 3 with contactless
payment feature, Garmin Pay, is an early product to utilize the Visa Ready for
Tokenization Program, via TSP* program partner FitPay. The Visa Ready for
Tokenization program gives partners access to Visa’s broad network of tools and
services to speed up and simplify the process for embedding secure payments in
devices.
Garmin Pay is now available
to Visa accountholders from numerous participating issuing banks including Bank
of America, Capital One, and U.S. Bank in the United States, and BonusCard,
Cornérbank, ANZ and NAB (National Australia Bank) internationally.
“Just in time for the
holidays, Visa accountholders now have a simpler way to pay on-the-go with the Garmin
vívoactive 3. Fitness trackers always appear on the season’s must have lists
and this year, Visa accountholders have another reason to pick up the smartwatch,”
said Jason Blackhurst, senior vice president,
innovation and strategic partnerships, Visa. “We look forward to continuing to add more participating
issuing banks so additional Visa accountholders can experience the benefits of
payments on the Garmin vívoactive 3.”
“Consumers want paying for things to be faster, easier and more
convenient,” said Michael Orlando, president of FitPay, Inc. and COO of NXT-ID.
“By supporting Garmin Pay, Visa and its issuing banks are helping to make that
happen – giving consumers access to latest payment technology and enabling the way they pay to fit more
seamlessly into the way they live."
The FitPay Payment Platform
provides the vívoactive 3 with contactless payment capabilities, and full
digital wallet functionality the Garmin Pay within the Garmin Connect app. It
enables consumers to simply tap and pay at NFC-enabled POS terminals or ATMs using
an existing credit, debit or prepaid card account.
FitPay’s proprietary
technology platform uses tokenization,
a payment security technology that replaces cardholders’ account information
with a unique digital identifier (a “token”), to transact highly secure
contactless payment and authentication services. FitPay leverages Embedded
Secure Element (eSE) chip technology within devices to offer a payment solution
that is very power and memory efficient. This frees devices from needing to be
tethered to a host device or connected to the Internet to transact payments, creating
a convenient and completely frictionless payment experience for consumers.
Garmin Pay was initially
launched in November 2017 for Mastercard accountholders from numerous issuing
banks and credit unions. View the complete list of issuing banks, payment
networks and countries supporting Garmin Pay at Garmin.com/garminpay/banks. Additional
networks and card issuers will be added to Garmin Pay soon.
*Token Service Provider
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 and 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.
Notice on Forward-Looking Statements for
Garmin:
This
release includes forward-looking statements regarding Garmin Ltd. and its
business. Such statements are based on management’s current expectations.
The forward-looking events and circumstances discussed in this release may not
occur and actual results could differ materially as a result of known and
unknown risk factors and uncertainties affecting Garmin, including, but not
limited to, the risk factors listed in the Annual Report on Form 10-K for the
year ended December 31, 2016, filed by Garmin with the Securities and Exchange
Commission (Commission file number 0-31983). A copy of such Form 10-K is
available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement
can be guaranteed. Forward-looking statements speak only as of the date
on which they are made and Garmin undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new information,
future events, or otherwise.
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. 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 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:
Garmin
International Inc.
Mary
Thompson Woodbury
+1-913-397-8200
Fit
Pay, Inc. and NXT-ID
Chris
Orlando
+1-760-468-7273
D.
Van Zant
+1-800-665-0411
NXT-ID, Inc. (Nasdaq:
NXTD) is a Featured Tech Company on Investorideas.com
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