MELBOURNE, Florida - September 19, 2017 (Investorideas.com Newswire) Fit Pay, Inc., a wholly-owned subsidiary of NXT-ID, Inc. (NASDAQ:NXTD) and a provider of payment, credential management and authentication platform services, today announced that it is providing payment capabilities for, Bee, a new biometric payment key fob by financial technology company, Radiius. Radiius officially launched Bee through an Indiegogo campaign this month. The payment key fob can conveniently and securely make contactless transactions with up to 20 payment and loyalty cards. Bee will be integrated with the FitPay[TM] payment platform, enabling it to make contactless payment transactions at NFC-enabled retail point-of-sale locations.
"Bee is built for the future payment infrastructure," said Rajeshwar Mitra, Co-founder & CEO of Radiius. "We partnered with FitPay to quickly gain access to the payment ecosystem, reduce our time-to-market and focus our expertise on a more convenient user experience and smarter way to manage finances."
Bee is one of the smallest, most secure biometric NFC payment solutions available. Equipped with an embedded secure element (eSE) data chip that holds an encrypted payment credential, Bee is a convenient and safe alternative to carrying bulky wallets. One of the world's smallest and safest wearable wallet comes with a companion application called BeeHive, that serves as the hub for managing cards, expense tracking, and finding the best deals around at local retail stores. Bee includes biometric security and near-field communication (NFC) technology for secure contactless transactions. Bee does not require charging, and its compact size makes it easy to carry all the time, and its versatility makes it a very easy to use, stylish plug and play digital wallet. Bee is currently available for pre-order on Indiegogo. Radiius estimates that Bee will begin shipping in February 2018.
"Bee is an awesome expression of the evolution of IoT payment devices and making how people pay fit more seamlessly into how they live," said Michael Orlando, President of Fit Pay, Inc. and COO of NXT-ID. "Bee's sleek form factor and security features will create a new buzz in mobile payments. It's no longer just about the smartphone."
FitPay's proprietary technology platform delivers payment, credential management, authentication and other secure services to the Internet of Things (IoT) ecosystem. The platform uses tokenization, a payment security technology that replaces cardholders' account information with a unique digital identifier (a 'token'), to transact highly secure contactless payment and authentication services. FitPay leverages eSE chip technology within devices to offer a payment solution that is very power and memory efficient and does not need to refresh a token once it is issued. This frees devices from needing to be tethered to a host device or connected the Internet to transact payments, creating a superior user experience. FitPay's end-to-end payment solution allows IoT and wearable device manufacturers to add payment and authentication capabilities to their products with very little start-up time, no investment in software development and access to the leading card networks.
About NXT-ID Inc.
Nxt-ID, Inc. (NASDAQ:NXTD) provides a comprehensive platform of technology products and services that enable the Internet of Things (IoT). With extensive experience in access control, biometric and behavior-metric identity verification, security and privacy, encryption and data protection, payments, miniaturization and sensor technologies, NXT-ID develops and markets groundbreaking solutions for payment and IoT applications. Its industry-leading technology products and solutions include MobileBio(R), a suite of biometric solutions that secure consumers' mobile platforms, the Wocket™, a next-generation smart wallet and the Flye, a digital credit card developed in collaboration with WorldVentures.
NXT-ID includes three mobile and IoT-related subsidiaries: LogicMark, LLC, a manufacturer and distributor of non-monitored and monitored personal emergency response systems ("PERS") sold through dealers/distributors and the United States Department of Veterans Affairs; Fit Pay, Inc., a proprietary technology platform that delivers end-to-end solutions to device manufacturers for contactless payment capabilities, credential management, authentication and other secure services within the IoT ecosystem, and 3D-ID LLC, which is engaged in biometric identification and authentication. Learn more about NXT-ID at http://nxt-id.com/. FitPay and the FitPay Payment Platform are the sole property of Fit Pay, Inc. For NXT-ID Inc. corporate information contact: email@example.com
Radiius is a FinTech company based out of Princeton, New Jersey, exploring the idea of making payments, transactions and card usage safer, minimal and stylish. With the backing of extensive research, Radiius has developed the world's smallest and safest wearable wallet, which would change the way people interact with the payments ecosystem.
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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