NXT-ID Issues Shareholder Corporate Update

SHELTON, CT--(Marketwired - Sep 22, 2014) -  NXT-ID, Inc. (NASDAQ: NXTD), a biometric authentication company focused on the growing mobile commerce market, issues the following corporate shareholder update following the uplisting to NASDAQ and the recent funding.

Letter from the CEO:

NXT-ID recently completed an essential round of funding and joined the NASDAQ to support ramping of production of Wocket™ as well as expand its other biometric and authentication products and services. This strategic achievement positions NXT-ID to pursue new markets and distribution channels while expanding staff in key technology and other positions and continuing to promote consumer awareness through social media and advertising to select markets. NXT-ID has already filled several new positions to accelerate our development of new, innovative features of Wocket and other products. We are adding to our existing staff of 12 and have signed a lease on a fulfillment and customer support center in Melbourne, FL.

Recent developments in the payment industry have brought focus to the many issues surrounding how we pay, and what we pay with. Another large data breach, this time at Home Depot, emphasizes that a smart wallet platform such as Wocket is needed now more than ever. 

Although Apple Pay has dominated recent news and generated new life in existing technology built around NFC, Android device owners won't be able to take advantage of ApplePay; nor will those without a smart-phone or an iPhone 6 without a slide on case. NFC payment technology was introduced several years ago by services such as Google Wallet and Softcard (previously ISIS Wallet). In addition, some of the largest retailers such as Best Buy, Target, and Walmart are embracing yet another QR code-based technology called MCX, emphasizing the fragmentation in next generation payment systems.

Like Apple Pay, these digital wallets require a cell phone, with attendant battery life issues, an active data connection, and special hardware at the retailer. 

Unlike cell phone dependent and connected technologies, Wocket works without a smart-phone, disconnected from cloud-based services, and maintains all the features of a wallet, allowing users to customize and carry whatever they need. It's truly the first universal secure payment solution. NXT-ID continues to work with several payment technologies and partners to take advantage of the flexible Wocket platform that includes biometric access protection and EMV like encryption through wocket numbers. While new payment technologies provide convenience and wireless features, the fact remains that consumers still have to carry a wallet containing cards to access ATMs, pay when their phone dies or loses signal, and checkout at locations that don't support NFC. Rather than a few hours of battery life between charges, an unprecedented minimum of 6 months can be achieved with typical Wocket use. In addition, Wocket is the only secure vault with a flexible platform that encompasses more than just a single payment method, and works everywhere you use your cards today.