BOSTON - May 20, 2015 (Investorideas.com Newswire) SoundView Technology Group issues an updated research note on the NXT-ID, Inc. ( NASDAQ: NXTD; NXTDW) Wocket smart wallet (www.wocketwallet.com) and the results of day- to-day usage.
The following is an excerpt to the report from Kris Tuttle, Director of Research
The full update is available for download here: http://s3.amazonaws.com/Published_Research/NXT-ID_NXTD_SV_NOTE_MAY_2015_PUB.pdf
Back in March we published an NXT-ID update note on the first "early access" Wockets shipping which allowed the company to gather feedback from field use. I had good success with my own Wocket even though it was a pre-release version which had a handmade prototype card that was too thick for some types of usage.
Sixty days later, NXT-ID is preparing to fulfill their existing pre-orders this month which will put several hundred units into the market. The plan for June is to ship a few thousand units to customers who have requested invitations to order a unit. By July, the company should reach their baseline production capability of 10,000 units/month, which will coincide with initiatives in marketing and sales as well as some new distribution partners who will help with market penetration and fulfillment.
Using the New Wocket
I took my updated Wocket out for a spin and noticed a few additional features. First of all, the card is production quality and has my name on it. It's thin enough to put into any device from swipe to dip to full insertion, so I can use it in any scenario. There's also a subtle backlight, so it's easier to use in the dark which comes up in cabs and romantic restaurants.
There is one new minor feature that turned out to be a major benefit for me – the "note" option. I believe that this is a giant differentiator between the Wocket and "smart card" solutions like Coin. The Wocket has a place that effectively eliminates all those little slips of paper you often put in your wallet – like the access code for a gate you sometimes go through, the number for AAA and your membership number, your passport number, etc. These all fit into a class of information that is short, alphanumeric and seldom used. Yes, you can have all of this on your phone, but that's not the best place for it in terms of security or ease of access.
The day to day use of the card works just fine in all types of scenarios – we used both Visa and American Express credit cards, and a debit card too. Again, we found the awareness level of the technology in general "that's one of those cards you can store all your cards on." Where discussion ensued, the top issue was security. When I described the encryption, lack of network access, PIN and biometric identification, every person responded favorably across a broad demographic range. Anecdotally I'd say the older a person was, the more concerned they seemed to be with security and the more thrilled to feel that they could make their cards more secure with this kind of approach.
Not every reader works with the Wocket, so one does need to keep a single card along with your ID or license in the extra pocket. For example, my tennis club in NY is a small one with a reader literally taped to the counter and it wouldn't swipe the Wocket card even with several attempts. Our sample size isn't big enough to make specific predictions, but for us we had about a 9 out of 10 success rate. Not 100%, but for me good enough. It's worth noting that the design of the Wocket doesn't prevent it from eventually reaching the goal of 100% acceptance but it's not there yet.
Our full update is available for download here: http://s3.amazonaws.com/Published_Research/NXT-ID_NXTD_SV_NOTE_MAY_2015_PUB.pdf
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/
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
Published at Investorideas.com
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