Security Payment Platforms Improving Mobile Commerce
Company Aims To Patent Authentication Application
Market news briefings for technology companies striving to provide a safer mobile commerce market for consumers: NXT-ID, Inc. NXTD, Apple, Inc. AAPL, Ebay, Inc. EBAY, Google Inc. GOOG and NXP Semiconductors NV NXPI
NXT-ID, Inc., NXTD, a biometric authentication company focused on the growing mobile commerce market, announced today that it has submitted a patent application for dynamic pairing. As a follow up to U.S. provisional patent application No. 61/802,681, NXT-ID has filed patent application 14/049175 for:
THE “UN-PASSWORD™: RISK AWARE END-TO-END MULTI-FACTOR AUTHENTICATION VIA DYNAMIC PAIRING.
This patent represents advancements in biometric and cryptographic authentication, and another key technology to NXT-ID’s widely anticipated next generation payment and identity product — the Wocket™.
To read the full press release, please click here: http://finance.yahoo.com/news/nxt-id-patents-un-password-124231902.html
Dynamic pairing addresses several vulnerabilities facing current authentication methods. These include “brute force” attacks, where attacking computers systematically check all possible passwords until one is found, and “man in the middle” attacks, which caused the Target and other recent retail data breaches where the attacker impersonates each end point to the satisfaction of the other.
With over 575 million credit card accounts, it makes sense that Apple Inc. AAPL moves into the payment space. Making such a move would be the best way to attract and retain users and stem the tide of smartphones becoming a commodity, according to analysts at Barclays. “While we believe margins should still come under pressure over time, we have long believed the payment trend could benefit Apple in particular and enable it to potentially drive incremental revenue streams,” the Barclays technology team said. “With 575+ million credit card accounts for the App store, we believe that Apple has the user base to support a payments solution.”
To read the full story, please click here: http://www.streetinsider.com/Analyst+Comments/Apple+(AAPL +0.21%, news)+Needs+to+Move+into+Payments/9294371.html
Ebay, Inc. EBAY, Google Inc. GOOG and NXP Semiconductors NV NXPI have also been profitable from mobile payment processing, according to Yahoo! Finance. In today’s fast paced, internet-driven world merchant services have evolved to the point where you don’t even need a physical credit card to spend money. All you need is a smart phone and an app. Rivals have popped up all over from Square to Google Wallet to LevelUp. This market has been forecast by some to balloon from a $235 billion business in 2013 to over $720 billion by 2017 in the US alone. It’s no wonder that some big tech names have been aggressive in this space.
To read the full story, please click here: http://finance.yahoo.com/news/profit-mobile-payment-processing-214453552.html
For more information: http://money.msn.com/business-news/article.aspx?feed=PR&date=20140321&id=17454919
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