NXT-ID, Inc. (NASDAQ:NXTD and NXTDW) ("NXT-ID" or the "Company"), 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 reprogrammice 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."