NXT-ID Inc (NASDAQ:NXTD) To Power Vivoactive Payment Capabilities
NXT-ID Inc (NASDAQ:NXTD) wholly owned subsidiary, FitPay, has inked an agreement to power payment capabilities of Garmin Ltd. (NASDAQ:GRMN)’s new Smartwatch, Vivoactive 3. Investors reacted to the news by sending the stock up 4% to $2.08 a share in Thursday’s trading session.
Shares of NXT-ID Inc (NASDAQ:NXTD) gapped to highs of $2.40 a share before retreating to the $2.08 mark. The stock continues its bounce back from the $1.50 mark as it closes in on a key resistance level at the $2.50 mark. However, the stock has underperformed the overall industry for the better part of the year as it continues to trade in a downtrend.
The stock is currently trading in a $2.01 – $2.31 trading range and traders are waiting to see if a collaboration with Garmin is the catalyst that will push the stock higher. The new payment capabilities to be installed in Garmin wearables will enable customers to make contactless payments at point of sale (POS) locations.
Dubbed Garmin Pay, the new feature runs on FitPay’s proprietary technology to deliver payment, credential management, and authentication among other secure services to the Internet of Things (IoT). The feature uses NFC technology to interact with over 10 million retail POS terminals worldwide, which will allow Vivoactive 3 users to pay for goods wherever they are.
“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.
Separately, NXT-ID Inc. (NASDAQ:NXTD) registered robust growth in all its segments in the first half of the year as revenue surged to highs of $14 million, compared to $80,000 for the corresponding period last year. Revenue in the second quarter alone came in at $7.7 million compared to $38,493 for the corresponding period last year.
The company’s subsidiary LogicMark continues to register robust growth with deliveries of the fly card to WorldVentures. FitPay also continues to fuel growth on NXT-ID bottom line having achieved new business milestones with Visa and MasterCard.
NXT-ID Inc. (NASDAQ:NXTD) reported a net loss of (-$1.9) million for the first six months of the year an improvement from a net loss of (-$7.9) million for the corresponding period last year.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
Don’t miss out! Stay informed on $NXTD and receive breaking news on other hot stocks by signing up for our free newsletter!
About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.