POINT ROBERTS, Washington, June 21, 2018 /PRNewswire/ —
Investorideas.com, a leader tech and fintech investor news issues an exclusive podcast interview with Michael Orlando, COO of NXT-ID (NASDAQ: NXTD) and President of Fit Pay, Inc.
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NXT-ID, Inc.’s subsidiary FitPay has had an eventful past few weeks and has more to look forward to in the future as well, according to company COO, and President of Fit Pay, Inc., Michael Orlando.
Orlando talked about the rollout of new products from Garmin Ltd. (NASDAQ: GRMN), including the vivoactive® 3 Music and the fēnix 5® Plus series.
“Garmin has launched two new devices: the vivoactive® 3 Music, which is the next iteration of the first device they launched back in November, the vivoactive® 3, their mainstream smartwatch,” he said. “And then, just this week, they announced the fēnix 5® Plus series, and that is a high-end athletic watch that also includes Garmin Pay™, Garmin’s payment system for their devices.”
Speaking of Garmin’s growing issuer footprint, Orlando expressed the significance of the quality of institutions that are adopting the technology.
“We’re in over 20 countries right now, that includes over 130 banks, and they’re the largest banks in those regions because they’re typically the earliest to adopt and the most innovative banks,” he said.
NXT-ID and Westpac, one of Australia’s major banking institutions, recently announced an agreement to extend contactless payment capabilities to a range of new devices, including the latest smartwatches from Garmin International, Inc. (GRMN). The Agreement enables Westpac customers to make secure contactless payments at NFC-enabled point-of-sale locations directly from Internet of Things (IoT) and wearable devices that are integrated with the FitPay’s™ Trusted Token Manager™.
This follows news that Chase Visa credit and debit cards can be used Garmin Pay™, enabling customers to make contactless payments in stores featuring NFC-enabled terminals. Orlando said this significantly expands the user base of the company’s technology.
“By adding Chase here in the U.S., we’ve added a huge constituency of consumers that now have access to Garmin Pay™ and the FitPay platform,” he said.
Orlando said that the company has a number of announcements to follow in late third quarter and early fourth quarter, including developments on Fit Pay, Inc.’s Flip™, the contactless payment device for cryptocurrency.
“We announced late last year and our wrapping-up the first iteration of development on our Flip™ product,” he said. “That’s a really important development because it helps to prove that currency as a transactional-based currency versus a commodity-based currency. So it’s exciting to get that product to market here really soon.”
Speaking of the crypto space more generally, Orlando said people shouldn’t be surprised by the unpredictability of the market with regulation still finding its footing. He affirmed, however, that crypto will continue to be a significant force in the market and that NXT-ID was eager to play an important part in its growth.
“We should all have expected that it would continue to be volatile, particularly as the regulatory players figure out how they’re going to define and deal with crypto in general,” he said. “For us there is no doubt that cryptocurrencies are here to stay,” he said. “There’s going to be various forms of those and acceptance of those. We feel like we need to be a part of that and ensure that we’re staying in touch and in tune, and looking for ways to innovate around those different currencies and blockchain in general.”
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. NXT-ID Inc. Corporate Contact: [email protected]. FitPay and the FitPay Payment Platform are trademarks of Fit Pay, Inc.
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