Breaking Tech News: NXT-ID (Nasdaq:NXTD; NXTDW) Patents
Miniature, Low Power Wireless Magnetic Stripe
OXFORD,
CT - April 6, 2015 (Investorideas.com Newswire) NXT-ID, Inc. (NASDAQ: NXTD; NXTDW),
a biometric authentication company focused on the growing mobile commerce
market, announced today that it has filed provisional patent 62/143028 for MINIATURE,
MULTI-PURPOSE ANTENNA METHOD AND SYSTEM FOR LOW-POWER CLOSE-PROXIMITY
COMMUNICATIONS AND ENERGY TRANSFER
NXT-ID
introduces a new revolutionary method and system to perform wireless payments.
This patent surrounds the use of miniature antenna modules for multiple
purposes including RF and magnetic stripe communications, energy transfer and
charging, and wireless magnetic payments, to name a few.
"What's
really exciting about this technology is that these miniature antenna modules
are small and efficient enough to fit within a wide variety of mobile and
wearable applications, but powerful enough to transmit wirelessly to the most
prevalent point of sale system still in use today - magnetic stripe
readers," says David Tunnell, Chief Technology Officer of NXT-ID, Inc.
"We were pleasantly surprised to discover that our existing antenna
designs for our Wocket® Card are not only small enough to fit into ultra-thin
powered devices, but can also be optimized to transmit wirelessly. Ultimately,
this not only enables wireless payments for mobile applications such as smart
phones, but also wearable applications where ultra low power and tiny size are
critical, such as smart watches and smart wallets."
This
technology is positioned to become a major enabler in wireless payments at NFC
terminals as well as common magnetic stripe readers. NXT-ID states one can
simply point the device containing the antenna within a few inches of most
magnetic strip readers to successfully transmit magnetic stripe data
wirelessly, but at a fraction of the power consumption of other approaches.
"We
recently announced feedback from early Wocket users, with great results coming
back from use at multiple retailers. A key challenge with dynamic magnetic
stripe technology has been to achieve a solution that works across all magnetic
stripe readers, not just some. With this multi-purpose antenna technology, we
have patented the key technology that has yielded our success across so many
Point-of-Sale systems, including our ability to detect a reader, calculate
swipe speed, and vary transmission parameters to transmit data from a miniature
antenna with extremely low power consumption," David Tunnell explained.
"This
is a potential game changer to the mobile payments industry," says Gino
Pereira, CEO of NXT-ID. "We are extremely excited to introduce this
potentially disruptive technology as the next step in our evolution, after we
complete our Wocket Smart Wallet delivery program this spring. This new method
of wireless payment technology has a power consumption so low it brings
wireless payments to virtually any mobile or wearable application. We plan to
offer this technology to enable wireless magnetic stripe and other wireless
features to watches and phones, as well as our Wocket Smart Wallet in the near
future."
Wocket
is a smart wallet designed to protect your identity and replace all the cards
in your wallet, with no smart phone or cloud required. Wocket works anywhere
credit cards are accepted and only works with your biometric stamp of approval.
All
your credit, debit, loyalty, gift, ID, membership, insurance, tickets, medical
information, passwords, and virtually any other card can be protected on
Wocket.
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:
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