Breaking Payment News: NXT-ID (Nasdaq: $NXTD) Subsidiary Fit Pay Announces FlipTM @FlipToPay – a Contactless Payment Device for Cryptocurrencies
Breaking
Payment News: NXT-ID (Nasdaq: $NXTD) Subsidiary Fit Pay Announces FlipTM
@FlipToPay
– a Contactless Payment Device for Cryptocurrencies
MELBOURNE, Florida, February 8, 2018 – (Investorideas.com Newswire) Fit Pay, Inc., a
wholly owned subsidiary of NXT-ID, Inc. (NASDAQ: NXTD),
today announced FlipTM, a new
contactless payment device that will enable cryptocurrency holders to use the
value of their currency to make purchases at millions of retail locations. The launch of the new device follows a December
2017 announcement by Fit Pay that it is expanding its platform to connect
cryptocurrencies to the payment ecosystem. Leveraging the FitPay Payment
PlatformTM, Flip will use value exchanged from cryptocurrency to
make traditional payment transactions. The FitPay will begin taking pre-orders
for Flip in February 2018 on a date to be announced.
“Flip is a very
convenient way to use cryptocurrency value to make retail transactions,” said
Michael Orlando, COO of NXT-ID and President of Fit Pay, Inc. “Not only does it
seamlessly exchange cryptocurrency into dollars, it’s contactless, giving users
a simple tap-to-pay experience.”
Flip will be near field
communication-enabled (NFC) allowing it to transact payments at any retail point
of sale location that accepts contactless payments. Flip will store a preloaded
amount of U.S. dollars that are exchanged from the user’s existing
cryptocurrency account. It 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. Initially, Flip will
accept value exchanged from Bitcoin and will potentially expand to other
cryptocurrencies in the future.
“When we announced that
we were extending the FitPay Platform to cryptocurrencies, our goal was
leverage our existing technology to connect cryptocurrencies to the payment
ecosystem,” said Orlando. “That’s exactly what Flip achieves. And it continues
to expand our offerings, furthering our mission to fundamentally change the way
people pay.”
Consumers interested in
Flip can add their email address to the Flip interest
list at FliptoPay.com. Pre-orders for Flip on
FliptoPay.com will begin in February
2018 on a date to be announced, with initial deliveries expected in the second
quarter of 2018. Flip is currently only available in the United States. For
more information, visit FliptoPay.com.
FitPay and Cascade
Financial Technology Corp (Cascade FinTech) recently announced an agreement for
the joint development of the platform that will be used to enable Flip, giving
cryptocurrency holders the ability to use the value exchanged from
cryptocurrency to be used for traditional payment transactions. The agreement
is an expansion of an existing relationship between the two companies to
provide prepaid capabilities on wearable and Internet of Things (IoT) devices
connected to the FitPay Payment Platform. The prepaid, or GPR, option gives
consumers with FitPay's contactless payment-enabled devices the convenience of
storing funds directly on their device. Under the previous agreement, the
FitPay Platform connects to the Cascade CloudTM to enable
contactless payment GPR devices in a variety of form factors.
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.
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.
Media
Contacts:
Chris Orlando
1.760.468.7273
D. Van
Zant
1.800.665.0411
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