OXFORD, Connecticut, April 7, 2015 /PRNewswire/ --
NXT-ID, Inc. (NASDAQ:NXTD) ("NXT-ID" or the "Company"), a biometric authentication company focused on the growing mobile commerce market, announced today that it has filed provisional patent 62/143028 for
MINIATURE, Multi-purpose ANTENNA METHOD and SYSTEM FOR Low-Power CLOSE-PROXIMITY COMMUNICATIONS and energy transfer
NXT-ID introduces a new revolutionary method and system to perform wireless payments. This patent surrounds the use of miniature antenna modules for multiple purposes including RF and magnetic stripe communications, energy transfer and charging, and wireless magnetic payments, to name a few.
"What's really exciting about this technology is that these miniature antenna modules are small and efficient enough to fit within a wide variety of mobile and wearable applications, but powerful enough to transmit wirelessly to the most prevalent point of sale system still in use today - magnetic stripe readers," says David Tunnell, Chief Technology Officer of NXT-ID, Inc. "We were pleasantly surprised to discover that our existing antenna designs for our Wocket® Card are not only small enough to fit into ultra-thin powered devices, but can also be optimized to transmit wirelessly. Ultimately, this not only enables wireless payments for mobile applications such as smart phones, but also wearable applications where ultra low power and tiny size are critical, such as smart watches and smart wallets."
This technology is positioned to become a major enabler in wireless payments at NFC terminals as well as common magnetic stripe readers. NXT-ID states one can simply point the device containing the antenna within a few inches of most magnetic strip readers to successfully transmit magnetic stripe data wirelessly, but at a fraction of the power consumption of other approaches.
"We recently announced feedback from early Wocket users, with great results coming back from use at multiple retailers. A key challenge with dynamic magnetic stripe technology has been to achieve a solution that works across all magnetic stripe readers, not just some. With this multi-purpose antenna technology, we have patented the key technology that has yielded our success across so many Point-of-Sale systems, including our ability to detect a reader, calculate swipe speed, and vary transmission parameters to transmit data from a miniature antenna with extremely low power consumption," David Tunnell explained.
"This is a potential game changer to the mobile payments industry," says Gino Pereira, CEO of NXT-ID. "We are extremely excited to introduce this potentially disruptive technology as the next step in our evolution, after we complete our Wocket Smart Wallet delivery program this spring. This new method of wireless payment technology has a power consumption so low it brings wireless payments to virtually any mobile or wearable application. We plan to offer this technology to enable wireless magnetic stripe and other wireless features to watches and phones, as well as our Wocket Smart Wallet in the near future."
Wocket is a smart wallet designed to protect your identity and replace all the cards in your wallet, with no smart phone or cloud required. Wocket works anywhere credit cards are accepted and only works with your biometric stamp of approval.
All your credit, debit, loyalty, gift, ID, membership, insurance, tickets, medical information, passwords, and virtually any other card can be protected on Wocket.
Order your Wocket by invitation at http://www.wocketwallet.com
About NXT- ID Inc. -Mobile Security for a Mobile World: (NXTD) (NXTDW):
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 Wocket™; a next generation smart wallet designed to replace all the cards in your wallet, no smart phone required. Wocket was recognized as one of the top technology products at CES 2015 by multiple media outlets including Wired.com. The Wocket works anywhere credit cards are accepted and only works with your biometric stamp of approval. http://www.wocketwallet.com/
Forward-Looking Statements for NXT-ID: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company's business strategy. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.
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SOURCE NXT-ID, Inc.