​Westpac and NXT-ID Subsidiary Fit Pay to Extend Contactless Payments to Devices

Spotlight Companies  |

Garmin PayTM first to launch with new payment options for Westpac customers

Westpac, Australia's oldest bank and company, and one of four major banking organizations in Australia and New Zealand, and Fit Pay, Inc., a wholly owned subsidiary of NXT-ID, Inc.  (NXTD) and a provider of payment, credential management, and authentication platform services, have today announced an agreement to extend contactless payment capabilities to a range of new devices, including the latest smartwatches from Garmin International, Inc. (GRMN). The Agreement enables Westpac customers to make secure contactless payments at NFC-enabled point-of-sale locations directly from Internet of Things (IoT) and wearable devices that are integrated with the FitPay'sTM Trusted Token ManagerTM .

Under the agreement, Westpac will participate in FitPay's Token Requester Program, which enables cardholders to securely add their payment credentials to devices that are integrated with FitPay's token management solution. 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 payments. It allows consumers to pay at near-field communication-enabled point-of-sale terminals with a simple tap.

The FitPay Trusted Token Manager provides contactless payment capabilities and full digital wallet functionality to a variety of IoT and wearable devices. The Platform powers the Garmin Pay™ capability on several recently launched smartwatches by Garmin. Garmin Pay is currently enabled on the vívoactive® 3, the vívoactive 3 Music, the Forerunner® 645, the Forerunner 645 Music, and the fēnix® 5 Plus series.

"Westpac has a long tradition of using technology to make its customers lives easier," said Michael Orlando, COO of NXT-ID and President of Fit Pay, Inc. "Extending payments to more devices gives Westpac customers greater flexibility in how they pay and helps fit how they pay more seamlessly into how they live."

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 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.

In the interest of full disclosure, we call the reader's attention to the fact that Equities.com, Inc. is compensated by the companies profiled in the Spotlight Companies section. The purpose of these profiles is to provide awareness of these companies to investors in the micro, small-cap and growth equity community and should not in any way be considered as a recommendation to buy, sell or hold these securities. Equities.com is not a registered broker dealer, investment advisor, financial analyst, investment banker or other investment professional. We are a publisher of original and third party news and information. All profiles are based on information that is available to the public. The information contained herein should not be considered to be complete and is not guaranteed by Equities.com to be free from misstatement or errors. The views expressed are our own and not intended to be the basis for any investment decision. Readers are reminded to do their own due diligence when researching any companies mentioned on this website. Always bear in mind that investing in early-stage companies is risky and you are encouraged to only invest an amount that you can afford to lose completely without any change in your lifestyle. Equities has been compensated with cash, common shares and/or warrants for market awareness services provided.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
NXTD NXT-ID Inc. 1.79 0.01 0.56 136,709 Trade

Comments

Emerging Growth

Lexaria Bioscience Corp

Lexaria Bioscience Corp is a food sciences company. It has two distinct consumer product brands: ViPova and Lexaria Energy. It uses patent pending technology to infuse hemp oil ingredients within…