MELBOURNE, Florida, August 31, 2017 /PRNewswire/ --
FitPay, 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
it is powering the payment capabilities for the vívoactive 3, a new smartwatch by leading wearables company, Garmin International
Inc. (NASDAQ: GRMN). The new feature, called Garmin Pay [ TM ],
enables consumers to make contactless payments at near-field communication-enabled (NFC) point-of-sale (POS) locations, adding a
powerful new feature to one of the most complete smartwatches on the market for the active consumer.
"Our team is extremely excited to be working with Garmin to enable Garmin Pay. The inspiration
behind FitPay's drive to enable payments on a whole new generation of devices came while on a bike ride wearing my Garmin," said
Michael Orlando, president of FitPay, Inc. and COO of NXT-ID. "The vívoactive 3 with Garmin Pay gives people with active lifestyles an incredibly easy and convenient way to pay without having to
carry a phone or wallet - something anyone who runs, bikes or just leads a fast-paced life will love."
The vívoactive 3 was launched by Garmin at the International Franchise Association's (IFA) Consumer Electronic Unlimited show
in Berlin, Germany on August 31, 2017. The complete sports
smartwatch offers a range of features, including Garmin Pay, a new contactless payment capability
that is powered by the FitPay[ TM ] payment platform. The FitPay platform provides the
vívoactive 3 with contactless payment capabilities and full digital wallet functionality within the Garmin application, enabling
consumers to make contactless payments with the smartwatch at NFC-enabled POS terminals using an existing credit or debit card
account. The vívoactive 3 will be available for purchase at Best Buy or on BestBuy.com.
"We are incredibly excited to work with FitPay to offer our customers an easy way to make purchases while on the move," said
Dan Bartel, Garmin vice president of worldwide sales. "With Garmin Pay, you now have the freedom
to leave your phone and wallet at home without losing your payment capabilities."
Garmin Pay and the vívoactive 3 are connected to the FitPay Trusted Payment Manager[
TM ] platform, which is integrated with Mastercard (NYSE: MA) through the Mastercard Digital
Enablement Service (MDES) and with Visa (NYSE:V) through the Visa Ready for Tokenization program.[ 1
]
"We are thrilled to work with FitPay and see the first product launch come out of our Visa Ready for Tokenization program,
which was developed to help partners accelerate payment capabilities across the wearable category," said Jim McCarthy, executive vice president, innovation and strategic partnerships, Visa. "Our network of partners,
combined with the right technology solutions, will continue to be fundamental in driving payment functionality in connected
devices and allows us to continue to welcome new partners into the payment ecosystem."
"Mastercard wants to provide its cardholders the choice and peace of mind to make more secure digital payments from a variety
of connected devices through a tap, touch, or click," said Kiki Del Valle, senior vice president,
Commerce for Every Device, Mastercard. "Enabling payments on innovative, new devices like the Garmin vívoactive
3 gives consumers more choices in how they pay and provides them the freedom to shop when, where and how they
want."
FitPay's proprietary technology platform delivers payment, credential management, authentication, and other secure services to
the Internet of Things (IoT) ecosystem. The platform uses NFC technology to interact with over 10 million retail POS terminals
worldwide, making it possible to pay for goods and services almost anywhere with a simple tap. FitPay's end-to-end 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 access to the leading card networks.
About NXT- ID, Inc. and FitPay, 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; FitPay, 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 http://www.nxt-id.com . FitPay and
the FitPay Payment Platform are the sole property of FitPay, Inc.
About Garmin International Inc.
The ever-expanding Garmin fitness segment develops technologies to enhance and promote healthy and active lifestyles. Whether
users are runners, cyclists, swimmers, multi-sport athletes, or simply looking to stay active throughout the day, there is a
Garmin product that can help them reach their health and fitness goals. For decades, Garmin has pioneered new GPS navigation and
wireless devices and applications that are designed for people who live an active lifestyle. Garmin serves five primary business
units, including automotive, aviation, fitness, marine, and outdoor recreation. For more information, visit Garmin's virtual
pressroom at garmin.com/newsroom, contact the Media Relations
department at 913-397-8200, or follow us at facebook.com/garmin,
twitter.com/garmin, or youtube.com/garmin.
Garmin International, Inc., is a subsidiary of Garmin Ltd. (Nasdaq: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United
States, Taiwan, and the United Kingdom. Garmin and
vívoactive are registered trademarks. Garmin Pay is a trademark of Garmin Ltd. or its
subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective
owners. All rights reserved.
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.
[ 1 ] View supported country, payment network and issuing bank information at
Garmin.com/garminpay/banks
NXT-ID Inc. Contact:
Corporate info: info@nxt-id.com
Media:
Chris Orlando
chris.orlando@nxt-id.com
D. Van Zant
+1-800-665-0411
press@nxt-id.com
SOURCE NXT-ID, Inc.