SoundView Research Update; Real-World Usage and Feedback of NXT-ID's (Nasdaq:NXTD; NXTDW) Wocket Smart Wallet at CVS, Whole Foods and Other Retailers
BOSTON, MA - March 24, 2015 (Investorideas.com Newswire) SoundView Technology Group issues a new research update following the recent shipment of NXT-ID's ( NASDAQ: NXTD; NXTDW ) Wocket smart wallet. SoundView was one of the selected user groups to provide real-world user feedback on their experience with the Wocket in multiple scenarios and outlets.
Soundview shares their experience at CVS, Whole Foods and other retailers, making both debit and credit card payments.
NXT-ID, Inc. (NASDAQ: NXTD) (http://www.nxt-id.com/) is a biometric authentication company focused on the growing mobile commerce market.
Excerpt: The Wocket Arrives
After months of hard work and anticipation the Wocket has shipped. This event addresses the first chorus of skeptics who have insisted that "the Wocket will never ship." Even within the limits of an "early access device" our initial testing has gone very well in outlets ranging from CVS to Whole Foods to Panera using Visa (in both debit and credit mode) as well as American Express cards.
So the most interesting real-world interaction occurred in a CVS where the "hand card to cashier" message popped up. I had prefaced my swipe with the comment that I was using "a new ultra secure credit card" and when I handed over she responded "oh is this one of those cards where you can store all your cards on?" To which I replied yes indeed and she simply said "cool" and handed it back.
Even after a few days of use I was comfortable with the Wocket to head out for an evening without my wallet -- just a few dollars in cash and my license. Having misplaced my wallet a week or two ago I can also say that the anxiety level from misplacing your Wocket is much, much lower. I wouldn't want to lose my Wocket but would feel none of that fear and panic that comes from losing my wallet with "everything in there." In fact by having all the plastic cards safely at home I wouldn't actually lose anything or need to change out all my cards to new account numbers. Getting a new Wocket and reloading the cards would be minor job but far less than cancelling accounts, refuting fraudulent charges and having new cards issued.
Anecdotes are not rigorous market research but the awareness level of the technology was a surprise and comfort level with the thing itself was reassuring. NXT-ID is using the input from early access users while preparing for their first production run to begin to fill pre-orders beginning in late April. The next production milestone is to deliver between 5,000 and 10,000 units in June.
The progress over the last two months certainly makes us feel comfortable with our 40,000 unit estimate for 2015 in terms of production capability.
Our full update is available for download here:
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.
About SoundView Technology Group
We are an independent advisory and research firm specializing in emerging technologies as they reach commercialization. Our proprietary research and modeling work provides valuable information for company management teams and investors in these emerging opportunities. We regularly publish our findings across a variety of channels including all the major retail and institutional information outlets. SoundView is based in Boston, Massachusetts with locations in New York and Connecticut.
SoundView analysts do not receive compensation for their research opinions, any specific views or conclusions. They are tasked to provide fact-based research with sound analysis. SoundView does not provide investment advice or make "buy/sell/hold" recommendations. Nor do we provide investment banking or brokerage services. We act as a publisher of our own research work and are responsible for all content which is correct to the best of our abilities but by no means should it be relied upon without further validation and confirmation. SoundView provides paid advisory services NXT-ID on their business plans, technology description and investor positioning
Any questions please contact:
Director of Research
SoundView Technology Group
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