​NXT-ID Subsidiary FitPay® Provides Product Update on Flip - a Contactless Payment Device for Bitcoin

Spotlight Companies  |

Fit Pay, Inc., a wholly owned subsidiary of NXT-ID, Inc. ( (NXTD)), today provided an update on the development of Flip™, a new contactless payment device that enables Bitcoin holders to use the value of their currency to make contactless purchases at millions of retail locations.

Michael Orlando, COO of NXT-ID and President of Fit Pay, Inc. provided the following product update on Flip: "We are very excited to report that the initial production run of the Flip payment device as well as the end-to-end testing of the digital wallet and Bitcoin exchange integration to enable the device have all been completed. This represents tremendous progress in bringing this unique cryptocurrency payment device to market."

"Because Flip is a brand-new payment device, it requires card network and bank approval. We have been working hard to secure those approvals and now expect to ship the initial pre-orders within the coming weeks and go into mass production soon after."

Flip's near field communication (NFC) antenna allows it to transact payments at any retail point of sale location that accepts contactless payments. Flip stores a preloaded amount of U.S. dollars that are exchanged from the user's existing Bitcoin account. Flip includes a digital wallet that allows the user to set how much value they would like their Flip to hold and when they would like it to reload. Flip does not need to be charged.

Consumers interested in purchasing Flip can pre-order the device at https://www.fliptopay.com/ . The retail price for Flip is $29 with standard shipping included. There are account and exchange fees associated with maintaining a Flip digital wallet. Flip is currently only available in the United States. For more information or to order Flip, visit https://www.fliptopay.com/ .

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 https://www.nxt-id.com/. NXT-ID Inc. Corporate Contact: info@nxt-id.com. FitPay and the FitPay Payment Platform are trademarks of Fit Pay, Inc.

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Symbol Name Price Change % Volume
NXTD NXT-ID Inc. 1.04 -0.07 -6.31 166,241 Trade

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