MELBOURNE, Fla., June 28, 2017 /PRNewswire/ -- Fit Pay,
Inc., a wholly owned subsidiary of NXT-ID, Inc. (NASDAQ: NXTD) and a provider of payment, credential management, and authentication platform services, today announced that
is providing payment capabilities for, Token, a biometric identity ring that streamlines the process of authentication throughout
your day. Token is available for presale now at www.tokenize.com beginning at $249, and will begin shipping to users in December 2017.
"Innovative devices like Token are transforming the payment experience for consumers by
combining secure authentication and a frictionless transaction into a sleek, fashionable form factor," said
Michael Orlando, president of Fit Pay, Inc. and COO of NXT-ID. "Its launch helps push
the adoption of contactless payments towards an inflection point."
Token replaces the need for the majority of day-to-day credentials, including credit cards, house keys, passwords and more,
while leveraging a proprietary continuous two-factor authentication method – via an ultra-compact fingerprint sensor in the base
of the ring and an optical proximity sensor – to ensure no one but the user can ever access the protected credentials. Fit Pay's
platform will provide the payment capabilities for the device, including full digital wallet functionality with the ability to
make contactless payments with an existing credit card. Fit Pay will connect Token to its Trusted Payment Manager™
(TPM™) platform, which is integrated with the leading card networks, and power the digital wallet functionality
within the application that supports the device.
"Our vision is to offer a device that streamlines the process of authentication throughout the day, while simultaneously
protecting users from identity fraud using advanced cryptography," said Token Cofounder and CEO Melanie Shapiro . "As we looked to add essential services to Token, contactless payment capabilities were
a must-have and Fit Pay platform offered the best end-to-end solution for our users."
Fit Pay's proprietary technology platform delivers payment, credential management, authentication and other secure services to
the IoT ecosystem. The platform uses tokenization, a payment security technology that replaces cardholders' account information
with a unique digital identifier (a "token"), to transact highly secure contactless payment and authentication services. Fit Pay
leverages Embedded Secure Element (eSE) chip technology within devices to offer a payment solution that is very power and memory
efficient and does not need to refresh a token once it is issued. This frees devices from needing to be tethered to a host device
or connected the Internet to transact payments, creating a superior user experience.
Fit Pay's payment solution allows IoT and wearable device manufacturers to add payment and authentication capabilities to
their products with very little start-up time, no investment in software development and instant access to the leading credit
card networks, such as Mastercard and Visa.
About 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.
About Token:
Token is the biometric technology company making
it simple to prove and protect your identity. Founded in 2016 by Melanie and Steve Shapiro, who
previously founded Digsby, Token is an identity ring that uses continuous, biometric, two-factor authentication to let users live
keyless, cardless and free of passwords. For more information, visit www.tokenize.com.
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.
Token Contact:
Press@Tokenize.com
NXT-ID Inc. Contact:
Corporate info: info@nxt-id.com
Media Contacts:
Chris Orlando
chris.orlando@nxt-id.com
D. Van Zant
+1-800-665-0411
press@nxt-id.com
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SOURCE NXT-ID, Inc.