OXFORD, Conn., Feb. 23, 2015 /PRNewswire/ - NXT-ID, Inc.
(NASDAQ:NXTD and NXTDW) ("NXT-ID" or the "Company"), a biometric
authentication company focused on the growing mobile commerce
market, announced today that it has filed provisional patent
62114357 for
DISTRIBUTED VOICE DIRECTED PAYMENT METHOD AND SYSTEM.
With this patent, NXT-ID introduces a new groundbreaking payment
method. Payment accounts may be selected via voice recognition and
the payment account may only be accessed if both the speech (the
word associated with the payment account) and the speaker (a
biometric) are both recognized. Once recognized, payment is
directed to an appropriate interface, such as Magnetic Stripe
Emulation (MSE), Near Field Communication (NFC), or other interface
to perform the payment with the selected account. The patent also
introduces the concept of "voice cards", which are alias names
given by a user to describe specific private information such as
credit and debit cards, further enhancing security as well as
convenience.
"We are very excited to offer this new convenient and secure
method to make payments", says David
Tunnell, Chief Technology Officer of NXT-ID. "We've
all been there – Waiting in line as we fumble through our wallets
to fine the right card or information. With this invention, we not
only secure your data by recognizing you are who you say you are
from your voice, but we also provide an extremely convenient way
for you to select how you wish to pay."
Like most of NXT-ID's patents, this technology works with
current Point-of-Sale (POS) technologies such as NFC and Magnetic
Stripe, but also can enhance the existing POS with added security
as well as provide a path for more convenient and more secure
future payment technologies.
"Convenience to access your private data is just as important as
securing your private data", adds David. "With this
invention, you may simply ask for a specific payment account and
the account is programmed to an appropriate emulator that emulates
the account selected. To make it even more convenient, the voice
may be recognized and emulated on the same device, such as a cell
phone or our Wocket smart wallet, or recognized on one device and
directed to another device such as a watch or a reprogrammable
smart card like our WocketCard to then make the payment. In
addition, the ability to name your account further protects your
information since no one knows which card you are choosing.
For instance, no private information is revealed if you say
"grocery card" or "gas card number 3". You know the account
you are choosing, but no one else does."
About NXT- ID Inc. - Mobile Security
for a Mobile World: (NXTD) (NXTDW):
NXT-ID, Inc.'s innovative MobileBio® solution mitigates consumer
risks associated with mobile computing, m-commerce and smart
OS-enabled devices. The company is focused on the growing
m-commerce market, launching its innovative MobileBio® suite of
biometric solutions that secure consumers' mobile platforms led by
Wocket™; a next generation smart
wallet designed to replace all the cards in your wallet, no smart
phone required. Wocket was recognized as one of the top technology
products at CES 2015 by multiple media outlets including Wired.com.
The Wocket works anywhere credit cards are accepted and only works
with your biometric stamp of approval.
http://www.wocketwallet.com/
NXT-ID' wholly owned subsidiary, 3D-ID LLC, is engaged in
biometric identification and has 22 licensed patents in the field
of 3D facial recognition http://www.nxt-id.com/,
http://3d-id.net/
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.
NXT- ID Inc Contact:
Corporate info: info@nxt-id.com
Investors:
investors@nxt-id.com
Media:
D. Van Zant
+1-800-665-0411
press@nxt-id.com
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SOURCE NXT-ID, Inc.
