Consumers Get Next Generation Payment Technology in 2014

The Wocket and COIN Set the Stage for Changing Your Wallet as You Know It - Seite 2

No. The wocket does not depend on a phone to work. In fact no confidential information in the wocket is ever passed through a phone or the internet. It is an important security feature.

Q: Investorideas.com
What security features does the wocket have?

A: Gino Pereira, Chief Executive Officer of NXT-ID, Inc
In order to access the wocket for use, the user must authenticate themselves through the use of a multi-factor voice biometric algorithm or through a unique identifier on the touch screen. As we have previously stated, no confidential information in the wocket is ever passed through a phone. The confidential card information is loaded directly on to the wocket through a scanner that has an input directly into the wocket. In addition after the card is used, the wocket zeroizes the magnetic strip meaning no information is retained on the card. If the card is lost there is no useful information on it. In fact purchasers can subscribe to an insurance plan with us so that if their card is lost we will replace it overnight and they can continue life as normal within 24 hrs.

Q: Investorideas.com
What features does the wocket offer other than making credit card payments?

A: Gino Pereira, Chief Executive Officer of NXT-ID, Inc
Any card with a magnetic stripe can be loaded on the wocket so debit cards, gas cards, supermarket cards and other loyalty cards can all be used. The wocket can also display barcodes and identity cards. The fact that the wocket is a smart wallet also means that future editions will be able to make touchless payments, often known as "touch and go," and NFC capability means that you could even use it at to make EZ-pass payments while you are driving. Of course you will also be able to hold cash in your wocket as well.

COIN Interview:

Q: Investorideas.com
I had read that the battery life of COIN is 2 years; is that correct? And if so what kind of usage is that based on in testing?

A: Kanishk Parashar, CEO of Coin
COIN's battery life is 2 years under normal usage. Normal usage is 10 swipes per day.

Q: Investorideas.com
What happens if the phone battery dies? Does it still work?

A: Kanishk Parashar, CEO of Coin
Coin uses the concept of a leash, when the phone battery dies, the leash breaks and Coin locks down and disables itself. Once this happens, users can manually unlock Coin using a single button passcode (similar to a morse code) and continue to use their Coin without their phone.