MELBOURNE, Florida, September 19, 2017 /PRNewswire/ —
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. 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(R),
a suite of biometric solutions that secure consumers’ mobile platforms,
the Wocket(TM), 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://www.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 protected]
About Radiius
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.
NXT-ID Inc. Contact:
Corporate info: [email protected]
Media Contacts:
NXT-ID and Fit Pay
Chris Orlando
+1-760-468-7273
[email protected]
D. Van Zant
+1-800-665-0411
[email protected]
SOURCE NXT-ID, Inc.
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