NXT-ID Inc Starting 2016 Off Strong
2016 is shaping up to be a good one for NXT-ID Inc (NASDAQ:NXTD). After a disappointing 2015, the company looks to have things lined up to sell more Wockets than many are expecting. For those that haven’t gotten into NXTD yet, it’s a stock worth having a closer look at.
The excitement this year started off right after the New Year when NXT-ID signed a deal with WorldVentures, a privately held leading direct seller of vacation and entertainment club memberships and Inc. 5000 fastest-growing company. The agreement calls for WorldVentures to make a strategic investment of $2 million in Nxt-ID to develop a proprietary new wireless smart card for its members—numbering in the several hundreds of thousands worldwide—based on Nxt-ID’s Wocket, a unique smart wallet that serves to securely store all credit cards. The smart card will be customized with additional technologies and wireless features, such as the ability to seamlessly integrate with WorldVentures’s DreamTrips App to wirelessly check in and earn loyalty points towards free DreamTrips vacations at select restaurants. DreamTrips is a travel club and entertainment community where Members enjoy exciting excursions year-round to extraordinary destinations.
WorldVentures currently has approximately 500,000 DreamTrips Members, with as many as 80,000 new Members joining every month. The vision of WorldVentures’s executive team is to make the smart card available to every existing member, and provide a member kit to every new member that includes the smart card. This strategic alliance is the first step in achieving that vision.
In the presentation to Members, it was demonstrated how the new smart card, just like the Wocket card designed to replace all the cards in your wallet, the new DreamTrips card will make travel and vacationing simpler and more secure. David Tunnell, Executive Vice-President and Chief Technology Officer for NXT-ID was invited onstage during the smart card presentation. He said, “We received an overwhelmingly enthusiastic and positive reception at the convention. It was quite an experience being in front of tens of thousands of people and witness the support for our smartcard technology.”
The latest news is that effective January 2016, all Wockets sold will be enabled with NFC (Near Field Communication) payment technology. As new partnerships with financial institutions are completed, Wocket owners will be notified when they can make NFC payment transactions. This will require a software upgrade through the Wocket app. Gino Pereira, CEO of NXT-ID explains” The next generation Wockets are NFC enabled for payments like Apple Pay or Google Pay. It works as they do when you tap your Wocket to a terminal and it takes your payment. In 2016 we envision several product extensions for Wocket including NFC only Wockets and a new smartcard and app product all at different price points for various customer needs and preferences.”
This technology was previewed at the Consumer Electronics Show (CES) in Las Vegas earlier this month along with a new contactless method of making Wocket payments at unmodified point of sale terminals that normally can only accept magnetic stripe cards.
We expect the deal with WorldVentures and NFC payment technology to help drive sales. Each Wocket retails for $179. SoundView Technology Group estimates that NXTD will sell 120,000 Wockets this year. That’s over $21 million in revenues. With a current market cap of just $29 million, shares of NXTD are extremely undervalued at current levels.
For more information: insiderfinancial.com/nxt-id-inc-nasdaqnxtd-starting-2016-off-strong
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