NXT-ID, Inc., (OTCQB: NXTD) a biometrics company focused on the growing mobile commerce market, today announced features of its next generation wallet, The Wocket™, scheduled for launch for the first quarter of 2014.
The Wocket is designed to replace all the cards in your wallet with a single, secure smart card. The Wocket works anywhere that credit cards are accepted and can only be used with your biometric or touch screen authentication.
The world of wallets is about to change with new and exciting technologies making payments easier than ever. However, most credit card holders are understandably reluctant to use their smartphone for transactions -- this is due to a variety of reasons including:
- Limited battery life
- Dependency on wireless network coverage
- Well publicized security threats
Rather than depending on a smartphone for transactions, NXT-ID has developed a truly next generation electronic wallet.
This unique technology takes a very different approach: Instead of replacing the wallet, NXT-ID is improving it. The Company's innovative Wocket™ replaces all the cards in your wallet with one single re-programmable card that supports most payment methods currently available at a Point-of-Sale (POS) at retailers around the world (magnetic stripe, NFC and barcode)... all within a secure biometric vault.
Access your Wocket™ with security on the touch screen or through voice authentication biometrics and select which card you wish to use; now use that card to substitute any card in your wallet. What's more, no personal information is retained on the magnetic stripe so the risk of fraud is greatly reduced.
Now you can bring the wallet you know and love into the future with the Wocket™ and have advanced secure electronic wallet technology from NXT-ID.
NXT-ID will be launching the Wocket in the first quarter of 2014.
Product Features and Benefits
- Card reader plugs in directly to Wocket
- Card information is erased after every transaction
- Does not require phone
- Number of cards- Approximately 100 cards, records, coupons, etc.
- Authentication - Multi-factor (user configurable) Dynamic Pairing of voice and word
- User Interface: Display and or Voice
- Payment methods: Dynamic Mag Stripe, QR Code
- Battery: Replaceable CR batteries in the Wocket.
- Life: Unlimited with in-wallet charging of dynamic card.