NXT-ID (Nasdaq: $NXTD) Subsidiary FitPay® Provides Product Update on Flip – a Contactless Payment Device for #Bitcoin; @FlipToPay
NXT-ID (Nasdaq:
$NXTD) Subsidiary FitPay® Provides Product Update on Flip – a Contactless Payment
Device for #Bitcoin; @FlipToPay
MELBOURNE, Florida, June 28, 2018 – Fit Pay, Inc., a wholly owned subsidiary of NXT-ID, Inc. (NASDAQ: NXTD), today provided an update on the development of FlipTM,
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 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 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 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.
D.
Van Zant
1.800.665.0411
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