Breaking Tech News: NXT-ID (Nasdaq:NXTD; NXTDW) Patents Voice
Directed Payments
OXFORD,
CT - February 23, 2015 (Investorideas.com Newswire) NXT-ID, Inc. (NASDAQ: NXTD), 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.
Contacts:
Media:
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