MELBOURNE, Florida - October 9, 2017 (Investorideas.com Newswire) Fit Pay, Inc., a wholly-owned subsidiary of NXT-ID, Inc. (NASDAQ:NXTD) and provider of payment, credential management, and authentication platform services, has been selected as a finalist for the 2017 IoT Innovator Awards. The awards, which are a program of the technology industry publication IoT Innovator, recognize Internet of Things (IoT) businesses around the world that have made cutting-edge developments in key vertical markets. Fit Pay has been selected as a finalist in the "Best Cloud Platform – Consumer" category. The final winners of the awards will be announced by IoT Innovator on October 16, 2017.
Finalist for the 2017 IoT Innovator Awards
"We are honored Fit Pay has received this recognition by IoT Innovator – a publication with its finger on the pulse of the latest industry developments," said Gino Pereira, CEO, NXT-ID. "What's transformative in the IoT market are products that seamlessly integrate technology into peoples' lives. NXT-ID and Fit Pay are at the forefront of this movement by enabling contactless payments and authentication on a wide range of IoT devices and making the payment experience frictionless for consumers."
The FitPay Payment PlatformTM is a proprietary technology platform that delivers payment, credential management, authentication and other secure services to the 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 Embedded Secure Element (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 to 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 credit card networks. Manufacturers of 15 IoT and wearable devices are currently integrating with the FitPay payment platform.
A complete list of the companies selected as finalists for the 2017 IoT Innovator Awards and information about the award program, can be found at http://iotinnovator.com.
About NXT- ID, Inc. and Fit Pay, 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®, 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.
About IoT Innovator
IoT Innovator is the brainchild of WestWorldWide, LLC, a venerable IT publisher that has been covering the best of IT since 1980. WestWorld's flagship and IoT Innovator's sister publication, Computer Technology Review, is one of the most respected editorial authorities in the IT industry.
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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