Increased Mobile Payment Security Solutions Making Advancements – Innovative Smart Wallet Technology Readies for Launch
Mobile Payment Industry Continues To Evolve as Security Measures Increase
Today’s Biometrics sector is populated with companies striving to improve mobile payments platforms and security moving quickly to focus on consumer protection: NXT-ID, Inc. (OBB:NXTD) , MasterCard Incorporated (NYSE:MA) , Visa Inc. (NYSE:V) , Google Inc. (NASDAQ:GOOG) and Apple Inc. (NASDAQ:AAPL)
NXT-ID, Inc., (OBB:NXTD) a biometric authentication company focused on the growing m-commerce market, announces the first corporate launch event and press conference for its next generation smart wallet, Wocket™, designed to replace all the cards in your wallet. The event will take place in New York City on May 28th. The marketing event and press conference will give consumers and media a first-hand look at the Wocket™ Smart Wallet, the Wocket™ Card, its new logo and brand images, new consumer video and new packaging. Following the event, consumers will be able to pre-order Wocket™ online.
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First consumer videos will be released online mid- April, prior to the event .The location and time for the press conference and launch to be held in New York will be announced shortly in upcoming marketing press releases. “At a time when smartphones are stolen and hacked daily, consumers are concerned about storing all their payment information and identity on their phone. Wocket™ will evolve as the payment industry evolves. Wocket™ is just the beginning of our MobileBio™ suite of products that include technologies for data encryption to further reduce credit card fraud similar to that recently experienced by Target and other retailers. Future versions of Wocket™ will include a wider range of communication technologies, such as 4G and NFC, protected by our proprietary encryption technologies ” Wocket™ is a smart wallet in the same vein as the smart phone and smart watch. NXT-ID is introducing its innovative, patent-pending Wocket™ as the next natural step in the evolution of smart devices. Wocket™ is a next generation smart wallet designed to replace all the cards in your wallet, with no smart phone required. The Wocket works anywhere credit cards are accepted and only works with your biometric stamp of approval. The Wocket product FAQ is available to consumers and media at http://nxt-id.com/wocket-faq/
According to reports, MasterCard Incorporated (NYSE:MA) and Visa Inc. (NYSE:V) are both in favor of finding a solution to increase payment security, having imposed an October 2015 deadline for U.S. Banks and merchants to implement the smart card technology, similar to that of the Wocket™ smart wallet, which is used heavily in Europe, Asia and Canada.
“The recent high-profile breaches have served as a catalyst for much-needed collaboration between the retail and financial services industry on the issue of payment security,” Ryan McInerney, president of Visa Inc., said in a statement this month. MasterCard is “aware of and investigating” reports of a potential breach, spokesman Seth Eisen told The Los Angeles Times. He said the company was communicating with its customers but could provide no details on information that may have been compromised or how many cardholders may be affected. Read the full story at http://phys.org/news/2014-03-credit-card-companies-ways-payment.html
Google Inc. (NASDAQ:GOOG) also continues to improve its smart wallet technology, as Jason Oxman, CEO of the Electronic Transactions Assocation (ETA), called it an area with a potential for big growth. According to Kyle Spencer of Seeking Alpha, Apple Inc. (NASDAQ:AAPL) also appears to possibly be gearing up for an entrance into the world of mobile payments as the company recently reported on a collection of recent patents that appears to point to a massive rollout of an Apple payments system to rival PayPal.