MELBOURNE, Florida, June 20, 2018 /PRNewswire/ --
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. (NASDAQ: 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: firstname.lastname@example.org. FitPay and the FitPay Payment Platform are trademarks of Fit Pay, Inc.
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.
D. Van Zant
SOURCE NXT-ID, Inc.