NXT-ID, Inc. (NASDAQ:NXTD and NXTDW), a biometric authentication company focused on the growing mobile commerce market issues a recent blog entry from Mr. David Tunnell, Chief Technology Officer. Mr Tunnell examines the case for a smart wallet like Wocket™.
With the variety of new payment solutions being released, consumers may ask which method is best? Each new payment method has its own attributes that promise to make payments more convenient and secure. The good news is that none of these new payment methods are mutually exclusive to one another. Each has its own merit depending on where it can be used. For instance, digital wallets such as Google Wallet, Apple Pay or SoftCard (formally ISIS) may be preferable for locations that accept NFC (Near Field Communications), while another solution might be a better choice for locations that require a new barcode payment system such as being developed by major retailers like Wal-Mart, Target and Best Buy. Since none of the new payment methods can be used universally at all locations, the question remains – do you still need a wallet?
Most digital wallets have one thing in common: They all are dependent upon a cell phone. Each new payment method added to a cell phone can be advantageous, depending on when and where you wish to make a payment, but there are always instances where a cell-phone based payment method may not be practical.
A cell phone based payment solution may not be practical when:
~Getting money from an ATM.
~Making a purchase at one of the millions of retail outlets that have not yet replaced their existing point of sale (POS) terminals with new upgraded ones.
~Making payments in areas with poor connectivity to the Internet.
~There is a risk that your cell phone battery might run out.
~Bluetooth does not pair, which may occur with certain methods that require Bluetooth connection with the phone.
Then, there is the issue of cash. There are still instances you may need cash or other private information that you want to secure but can’t afford to leave at home. These are just some examples of when you may wish you had your wallet with you.
Smart wallets add electronics to wallets and purses so that you keep your private information secure, only accessible by you. Smart wallets also securely store all of your personal information, not just payment accounts. Furthermore, smart wallets are agnostic to the payment method, capable of supporting new payment methods as they emerge.
So, no matter whether you choose one or more new payment methods associated with your cell phone, there will always be a reason you wished you had a smart wallet.
We encourage you to take a look at the features of the Wocket™ Smart Wallet and how it might benefit not only your shopping experience, but also all aspects of your wallet by giving you peace of mind with added security to all your personal information.
About NXT- ID Inc. :
NXT-ID, Inc.’s innovative MobileBio® solution mitigates consumer risks associated with mobile computing, m-commerce and smart OS-enabled devices. The company is focused on the growing m-commerce market, launching its innovative MobileBio® suite of biometric solutions that secure consumers’ mobile platforms led by the Wocket™; a next generation smart wallet designed to replace all the cards in your wallet, no smart phone required. The Wocket works anywhere credit cards are accepted and only works with your biometric stamp of approval. WocketWallet.com
For more information: http://finance.yahoo.com/news/media-alert-nxt-id-chief-130000450.html
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