Tearsheet

Why connected device payments haven’t reached mass adoption

Tearsheet.com, June 12, 2017

Visa’s announcement of 13 new token service providers last week was a big step towards a future where internet-connected devices — be it a car, a refrigerator, or Amazon Alexa device — will let banking just “happen” rather than require cumbersome active steps on the part of the customer.

Through Visa’s token service provider program, it will be possible to pay for things with connected devices.

“These new forms of payment are also creating a secure, frictionless, and personalized payment experience for consumers, which provides banks and financial institutions the ability to increase and improve customer engagement,” said Michael Orlando, CEO of FitPay and COO of NXT-ID, one of Visa’s token service providers that works with wearables companies.

Full article.

Visa Logo

NXT-ID Subsidiary Fit Pay Approved as a Visa Token Service Provider

Qualification allows for the Implementation of an End-to-End Payment Solution for Device Manufacturers

MELBOURNE, Florida, June 8, 2017 /PRNewswire/ —

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 its Token Service Provider (TSP) solution has been successfully integrated with the Visa Token Service. Fit Pay is now qualified as a Visa TR-TSP partner through the Visa Ready Program.

“Successfully integrating with Visa, the largest card network in the world, is a major step forward in our effort to bring contactless payment capabilities to a whole new generation of devices,” said Michael Orlando, President of Fit Pay, Inc. and COO of NXT-ID. “As one of the first partners to have our solution approved by Visa, Fit Pay takes a leadership role in enabling secure payment capabilities across a wide range of new devices and form factors.”

The Visa Ready Program provides standards to allow partners to quickly introduce Visa-approved devices, software, and solutions that can initiate or accept Visa payments. The qualification as a Visa TR-TSP provider allows Fit Pay to move forward with the implementation of its payment enablement platform for Internet of Things (IoT) and wearable devices. The company is in the process of onboarding the first devices onto its payment platform and anticipates product announcements from a number of manufacturers it is working with later this year.

“Our mission has been to create secure, frictionless, and personalized payment experiences for all consumers,” Orlando added. “With Visa’s leadership, the ecosystem for contactless payments is taking a huge step forward.”

Fit Pay’s proprietary technology platform delivers payment, credential management, authentication and other secure services to the IoT ecosystem. The 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. Fit Pay leverages Embedded Secure Element (eSE) chip technology within devices to offer a payment solution that is very power and memory efficient and does not need to refresh a token once it is issued. This frees devices from needing to be tethered to a host device or connected to the Internet to transact payments, creating a superior user experience.

Fit Pay’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 instant access to the leading credit card networks, such as Visa.

About NXT- ID, Inc.

NXT-ID, Inc. (NXTD ) is a security technology company providing security for finance, assets, and healthcare. The company’s innovative MobileBio® solution mitigates risks associated with mobile computing, m-commerce, and smart OS-enabled devices. With extensive experience in biometric identity verification, security and privacy, encryption and data protection, payments, miniaturization and sensor technologies, the company partners with industry-leading companies to provide solutions for modern payment and the Internet of Things (‘IoT’) applications. The company’s wholly-owned subsidiary, LogicMark, LLC, manufactures and distributes non-monitored and monitored personal emergency response systems (‘PERS’) sold through the United States Department of Veterans Affairs (‘VA’), healthcare durable medical equipment dealers and distributors and monitored security dealers and distributors. http://www.nxt-id.com.

A wholly-owned subsidiary of NXT-ID, Fit Pay, Inc. is led by former CyberSource and Visa executives with more than 50 years of payment and identity authentication domain expertise. With payment capabilities enabled by Fit Pay, wearable and IoT device manufacturers can create customer loyalty, tap into recurring revenue streams, open new markets, and differentiate their products in an increasingly competitive market. The company was named a ‘Startup of the Year‘ for payment technology by industry publication, Paybefore. Learn more at http://www.fit-pay.com, or on Twitter.

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 :
Corporate info: info@nxt-id.com

Media:
Chris Orlando
chris.orlando@nxt-id.com

D. Van Zant
+1-800-665-0411
press@nxt-id.com

SOURCE NXT-ID, Inc.

Visa Logo

Visa Expands Global Network of Providers to Drive Acceleration Into IoT Payments

Visa Adds Thirteen New Token Service Providers to Broaden Global Access to Visa Token Service

SAN FRANCISCO & NEW YORK–(BUSINESS WIRE)–Today, Visa (NYSE:V) announced it has signed 13 new partners to participate in its token service provider (TSP) program, as the payments industry shifts from plastic to digital and broader access to new standards, such as tokenization, are needed. With demand expected to increase for payments to be embedded into a growing number of devices, services and experiences, Visa has built out a global network of partners to offer secure, digital payment token services and ensure that regardless of form factor, an Internet-of-Things (IoT) device, appliance, wearable or beyond, can become a more secure place for commerce. Full Press Release.

NXTID Hi res

NXT-ID and Fit Pay, Inc. Complete Business Combination

Transaction creates comprehensive security, payment and authentication platform for Internet of Things and expands NXT-ID’s existing products and capabilities

 

MELBOURNE, Florida, May 23, 2017 /PRNewswire/ —

NXT-ID, Inc. (Nasdaq: NXTD) (“NXT-ID” or the “Company”), a security technology company, and Fit Pay, Inc., a privately held provider of payment, credential management, and authentication platform services, today announced the completion of a transaction to combine their businesses and create a comprehensive Internet of Things (IoT) platform.

“Combining NXT-ID’s security and authentication technology with Fit Pay’s comprehensive platform-as-a-service (PaaS) capabilities will enable us to significantly expand our offerings to include both hardware and IoT enablement services,” said Gino Pereira, chief executive officer of NXT-ID. “This provides an important avenue to create new and compelling use cases for our existing products as well as access new potential customers for whom secure authentication and credential management are critical.”

Under the terms of the agreement, Fit Pay, Inc. will be a wholly owned subsidiary of NXT-ID, and Fit Pay CEO, Michael Orlando, will become chief operating officer of NXT-ID and remain president of Fit Pay, Inc. The companies will combine their technology, engineering and business teams to deliver complete enablement services to device manufacturers and to bring innovative IoT devices to market.

“Bringing powerful new capabilities to the Internet of Things requires seamlessly connecting devices to robust services, reliably authenticating users, and keeping data safe,” said Orlando. “Security and authentication are essential to the growth of the IoT market, combining our platform with NTX-ID’s identification technology and hardware expertise positions us to offer transformational products and services that capture IoT market share.”

Fit Pay’s white-label technology platform delivers payment, credential management, authentication and other secure services to the IoT ecosystem. Fit Pay has developed a highly secure payment network tokenization scheme and integrated with the major credit card networks to provide an all-in-one solution that allows manufacturers to add payment and authentication capabilities to IoT devices.

About NXT- ID Inc. - Mobile Security for a Mobile World

NXT-ID, Inc. (NXTD) is a security technology Company providing security for finance, assets, and healthcare. The Company’s innovative MobileBio® solution mitigates risks associated with mobile computing, m-commerce, and smart OS-enabled devices. With extensive experience in biometric identity verification, security and privacy, encryption and data protection, payments, miniaturization and sensor technologies, the Company partners with industry leading companies to provide solutions for modern payment and the Internet of Things (“IoT”) applications. The Company’s wholly owned subsidiary, LogicMark, LLC, manufactures and distributes non-monitored and monitored personal emergency response systems (“PERS”) sold through the United States Department of Veterans Affairs (“VA”), healthcare durable medical equipment dealers and distributors and monitored security dealers and distributors. http://www.nxt-id.com

About Fit Pay, Inc.

Based in San Francisco, California, Fit Pay, Inc. is led by former CyberSource and Visa executives with more than 50 years of payment and identity authentication domain expertise. With payment capabilities enabled by Fit Pay, wearable and IoT device manufacturers can create customer loyalty, tap into recurring revenue streams, open new markets, and differentiate their products in an increasingly competitive market. The company was named a “Startup of the Year” for payment technology by industry publication Paybefore. Learn more at http://www.fit-pay.com, or on Twitter.

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 :
Corporate info: info@nxt-id.com

Media:
D. Van Zant
+1-800-665-0411
press@nxt-id.com

Fit Pay, Inc. Contact:
Chris Orlando
+1-760-468-7273
chris@fit-pay.com

SOURCE NXT-ID, Inc.

startupoftheyear

Fit Pay named a “Start-Up of the Year” in Payments by Paybefore

Industry publication Paybefore has recognized Fit Pay as a “Start-up of the Year” in payments. The recognition was included in Paybefore’s announcement of the winners of the 2017 Pay Awards—the most prestigious recognition of excellence in the global prepaid and payments technology industry. Panels of experts in Prepaid, Retail & Loyalty and Payments Technology selected the winners. (2017 Pay Awards announcement.) Fit Pay is now eligible for “Best-in-Category” honors, which will be voted on by the public and selected by the publication. The Industry Achievement winners and those named Best-in-Category will be featured in the Paybefore’s second annual Pay Magazine – Awards Issue.

 

Vote to support Fit Pay for Best-in-Category here.

 

 

NXT-ID2

NXT-ID and Fit Pay, Inc. Announce Letter of Intent to Combine Their Businesses

MELBOURNE, Florida, March 27, 2017 /PRNewswire/ –

Potential Transaction Would add a Comprehensive Payment and Authentication Platform to NXT-ID’s Existing Products and Capabilities

NXT-ID, Inc. (NASDAQ: NXTD) (“NXT-ID” or the “Company”), a security technology company, and Fit Pay, Inc., a privately held provider of payment, credential management, and authentication platform services, today announced that the companies have entered into Letter of Intent to combine their businesses in a deal that includes stock and cash consideration. NXT-ID will not be raising additional capital to complete this transaction.

“This potential transaction with Fit Pay would not only add a critical component to our payment and authentication products, but also a platform which will enable a whole new suite of offerings including payments, credential management, and secure authentication services,” said Gino Pereira, Chief Executive Officer of NXT-ID, Inc. “Fit Pay’s leadership team has over 50 years of experience in the payment space. The completion of this transaction would provide an important addition to our business model, increasing our opportunities with existing products and allowing us to rapidly expand in digital payments and the Internet of Things (IoT), both of which are part of our strategic plan.”

Fit Pay is a white-label technology platform that provides payment, credential management, authentication, capabilities and other secure services to wearable and IoT devices. Fit Pay has integrated with the major credit card networks and chip manufacturers to provide an all-in-one solution and flexible integration options with developer-friendly tools and documentation, including Trusted Service Management services, full-featured API, mobile SDK (iOS & Android) and a highly secure payment network tokenization scheme.

“Blending our payment and authentication capabilities with NXT-ID’s industry-leading technology products will significantly accelerate our ability to capture market share,” said Michael Orlando, CEO of Fit Pay, Inc. “As consumers interact with more and more devices, providing core secure services with the confidence of knowing the user has been authenticated is critical. NTX-ID and Fit Pay create a powerful combination that will do just that – offering transformational products and services to the marketplace.”

The transaction remains subject to completion of due diligence reviews, customary definitive documentation and Nasdaq review. The companies seek to complete the transaction early in the second quarter of 2017.

About NXT- ID Inc. – Mobile Security for a Mobile World

NXT-ID, Inc. (NASDAQ: NXTD) is a security technology Company providing security for finance, assets, and healthcare. The Company’s innovative MobileBio® solution mitigates risks associated with mobile computing, m-commerce, and smart OS-enabled devices. With extensive experience in biometric identity verification, security and privacy, encryption and data protection, payments, miniaturization and sensor technologies, the Company partners with industry leading companies to provide solutions for modern payment and the Internet of Things (“IoT”) applications. The Company’s wholly owned subsidiary, LogicMark, LLC, manufactures and distributes non-monitored and monitored personal emergency response systems (“PERS”) sold through the United States Department of Veterans Affairs (“VA”), healthcare durable medical equipment dealers and distributors and monitored security dealers and distributors. http://www.nxt-id.com

About Fit Pay, Inc.

Based in San Francisco, California, Fit Pay, Inc. is led by former CyberSource and Visa executives with more than 50 years of payment and identity authentication domain expertise. With payment capabilities enabled by Fit Pay, wearable and IoT device manufacturers can create customer loyalty, tap into recurring revenue streams, open new markets, and differentiate their products in an increasingly competitive market. The company was named a “Cool Vendor” by Gartner for 2016. Learn more at http://www.fit-pay.com, or on Twitter.

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 other 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:
Corporate info: info@nxt-id.com

Media:
D. Van Zant
+1-800-665-0411
press@nxt-id.com

Fit Pay, Inc. Contact:
Chris Orlando
+1-760-468-7273
chris@fit-pay.com

PR_TSX_Comp

STMicroelectronics Teams with FitPay and G&D to Create Turnkey, Certification-Ready Solution for Wearable Devices

ST, Giesecke & Devrient (G&D), and FitPay join forces to overcome traditional barriers to OEMs implementing payment applications on wearable devices

Mobile payments may go mainstream on wearable devices like smartwatches by taking advantage of a new ready-to-use payment solution containing technology from STMicroelectronics (NYSE: STM) , a global semiconductor leader serving customers across the spectrum of electronics applications.

ST, G&D, and FitPay have used ST’s security chip to jointly create the first secure hardware and software solution that is pre-approved for use by device manufacturers with the aim to develop integrated tokenized payments from Mastercard or Visa.

Read more.

Mastercard Logo

Mastercard Partners with Fit Pay to Accelerate the Development of Payments-Enabled Devices and Wearables

Companies to Bring Secure Contactless Payments to Millions of Devices from Wearatec and Other Innovative Manufacturers 

PURCHASE, N.Y. and LAS VEGAS, Nevada – October 25, 2016 – Mastercard today announced a partnership with Fit Pay, Inc. to bring Mastercard contactless payments to consumer wearables and Internet of Things (IoT) devices. By integrating the Fit Pay platform with the MasterCard Digital Enablement Service (MDES), the companies will work with Wearatec and other innovative manufacturers to bring to Mastercard cardholders a variety of secure contactless payments-enabled devices.

Mastercard Logo

The Fit Pay platform drastically reduces the time-to-market, cost and complexity of payment and authentication services for wearable device manufacturers. The Fit Pay partnership with Mastercard highlights the growing ecosystem of technology integrators that have joined the Mastercard Commerce for Every Device program. Mastercard has developed partnerships with companies across multiple categories to enable simple and secure payment transactions to fit every consumer lifestyle, enabling them to use the device that is most convenient to them, with the highest level of security.

Read the full release at Mastercard.com.

Cascade icon

Fit Pay and Cascade Team to Bring Prepaid Capabilities to Wearable Devices

FP-CSCD

Money2020, Las Vegas, NV; October 24, 2016 Fit Pay, Inc. and Cascade Financial Technology Corp today announced an agreement to provide prepaid capabilities on wearable devices on the Fit Pay Payment Platform. The prepaid, or general purpose reloadable (GPR), option will give consumers with Fit Pay’s contactless payment-enabled devices the convenience of a storing funds directly on their device. Under the agreement, the GPR service will be available on devices attached to the Fit Pay Platform as well as through a custom-branded contactless payment GPR wristband.

“A prepaid option for wearable payments provides consumers with a whole new level of convenience. Load, tap and pay – it’s that simple,” said Michael Orlando, co-founder and chief executive officer of Fit Pay. “This is particularly appealing to millennials who are more likely to use a prepaid account, more likely to own a wearable, and more likely to make a contactless payment.”

Approximately 45 percent of millennials (age 19 to 35) own a GPR card. Of those, more than one-third intend to purchase a wearable device in the next year while 23 percent already make contactless payments at least once a week, according to the research by Federal Reserve of Philadelphia, Forester Research and Accenture.

The Fit Pay Platform uses Near Field Communication (NFC) technology to interact with over 10 million retail point of sale (POS) terminals worldwide, making it possible to pay for goods and services almost anywhere with a tap of the wrist.

Fit Pay’s Payment Platform enables wearable device manufacturers to integrate contactless payment capabilities into wearable devices with very little start up time, no investment in software development and instant access to the leading card networks. The agreement with Cascade will add a GPR option to the Fit Pay Platform. In addition, Fit Pay and Cascade will offer a white-label GPR contactless payment wristband to event venues, resorts, universities and other custom-branded opportunities.

“Adding a prepaid account to a wearable device makes total sense,” said Spencer Schmerling, Founder and chief executive officer of Cascade Financial Technology. “Now a consumer can store money right on the device and checkout without reaching for their wallet or cell phone.”

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About Fit Pay, Inc.

Based in San Francisco, California, Fit Pay, Inc. is led by former CyberSource, Visa and Jumio executives with more than 50 years of payment and identity authentication domain expertise. With payment capabilities enabled by Fit Pay, wearable device manufacturers can create customer loyalty, tap into recurring revenue streams, open new markets, and differentiate their products in an increasingly competitive market. The company was named a “Cool Vendor” by Gartner for 2016. Learn more at www.fit-pay.com, or on Twitter.

 

About Cascade Financial Technology Corp

Based in Las Vegas, Nevada, Cascade Financial Technology Corp provides a reliable and scalable platform for FinTech startups to quickly get their product or service to market. Cascade’s platform features RESTful API’s, full BSA/AML compliance, automated KYC, extensive fraud mitigation, and world-class USA based customer service, all of which enable our clients to create the most innovative and inclusive financial products and services that allow all people to participate in the FinTech revolution.

MasterCard Partners With Designer Adam Selman To Design The Next Generation Of Payment Wearables

Mobile Pay: FitPay Is Putting The Pieces Together For Wearables

FitPay CEO Michael Orlando marked the company’s two-year anniversary with interview by PYMNTS.com, a leading industry news site.  Here’s the story…

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PYMNTS.com
Posted: September 1, 2016

Mobile Pay: FitPay Is Putting The Pieces Together For Wearables

In 2014, FitPay’s founders, who all have backgrounds in payments and financial services, were frustrated with the pace of mobile payment adoption. They felt that mobile payments were lagging and wanted to bring a sense of excitement to the mobile payments scene. So, in 2015, they developed a “smartstrap” to enable NFC payments on Pebble Time smartwatches.  Read more.