At this year’s popular Money20/20 convention, Apple (AAPL) co-founder Steve Wozniak talked with CNBC’s Deirdre Bosa about what a pain it was before to use a phone as a credit card and how much easier it is today with his Apple Watch. The Woz, as he’s known, says he wants one device to do everything, including unlocking doors and making payments, going on to say that there are superior alternatives to a watch, “maybe a ring, a little ring would be better,” he said.
Thing is, Woz, it’s out there and not just in theory. There are plenty of smart finger jewelry that do things like fitness tracking and notifications available. But, as far as one that is the most robust to date and the first to securely identify the user to do things like open doors, start cars, make payments, sign a user on to computers and more, consumers must look to Token, a biometric identity ring powered by the technology of NXT-ID, Inc. (NXTD) subsidiary, FitPay. December 2017 pre-orders for the ring are already sold-out, with the company building a waiting list for others looking to get their hands on the latest smart technology.
In order to make a product like Token or to develop and commercialize other products, NXT-ID has an impressive list of partners, including MasterCard (MA) and Visa (V), supporting its technology for uses in wearables and IoT (Internet of Things) devices.
The latest product featuring FitPay technology is Garmin’s (GRMN) vívoactive® 3, which NXT-ID had the opportunity to show off at Money 20/20. Held from October 22 – 25, 2017 in Las Vegas, Nevada attracts the largest audience in the industry, with over 11,000 attendees, including more than 1,700 CEOs and presidents, from 4,500 companies and 85 countries.
Garmin’s new smart watch comes preloaded with a litany of applications, such as GPS and sports, as well as Garmin Pay™, the wearable device makers’ contactless payment feature powered by FitPay technology.
Garmin launched the vívoactive 3 at the IFA’s Consumer Electronic Unlimited show in Berlin, Germany on August 31, 2017. “We are incredibly excited to work with FitPay to offer our customers an easy way to make purchases while on the move,” said Dan Bartel, Garmin vice president of worldwide sales in a statement on the launch. “With Garmin Pay, you now have the freedom to leave your phone and wallet at home without losing your payment capabilities.”
As explained by FitPay President Michael Orlando at the show, “Once it’s set up you just tap your watch on the terminal and the transaction is approved. The user gets confirmation on the watch the transaction is done.” It’s that simple.
Orlando also made it clear that what’s unique about his company’s platform is that it is manufacturer agnostic, allowing any device maker, regardless of form factor (e.g. a ring, a watch, key fob, etc.) to integrate it into their device. He says that they have 14 other partners with FitPay payment capabilities on board coming to market, a development that cement’s the company’s position as a leading provider of seamless biometric and contactless near-field-communication payment solutions.
Arguably, NXT-ID continues to go underappreciated by Wall Street, as measured by a market capitalization of $27.21 million against the list of major corporate partners and market acceptance of a technology that was recently recognized with a 2017 IoT Innovator Award. Still, the company continues to check all the boxes and grind away to stay on the leading edge of risk mitigation and payment, identification, miniaturization and security solutions, in addition to its portfolio of other revenue-generating assets.
In October, NXT-ID CEO Gino Pereira provided Equities.com with some key updates on the exciting progress happening at the company, including the strong performance of its Logicmark subsidiary as well as the company’s partnership with WorldVentures on the flye™ smart card. Pereira sat down with Equities.com Broadcast Contributor Silvia Davi at the NASDAQ MarketSite to discuss the company’s electrifying growth and future. You can watch the interview below: