NXT-ID Inc. (NASDAQ:NXTD) Shares Power Higher

NXT-ID Inc. (NASDAQ:NXTD)

NXT-ID Inc. (NASDAQ:NXTD)

Shares of NXT-ID Inc. (NASDAQ:NXTD) were up by more than 70%, after the company’s Fit Pay subsidiary announced it has started to offer payment capabilities for Token – a biometric identity ring designed to streamline the process of identification authentication. Token is available for pre-sale at $249.

Technology Validation

NXT-ID Inc. (NASDAQ:NXTD) is a provider of payment and authentication platform services. The company boasts of extensive experience in access control and behavior metric identity verification. Providing payment capabilities for Token validates NXT-ID’s comprehensive platform that currently offers technology products and services for the internet of things.

NXT-ID Inc. (NASDAQ:NXTD) boasts of three mobile and IoT subsidiaries. LogicMark LLC spearheads the company’s efforts in the development of non-monitored and monitored personnel emergency services. Its services are normally sold through dealers and the Department of Veteran Affairs.

FitPay is a subsidiary that is strengthening NXT-ID Inc. (NASDAQ:NXTD) foothold in the payments and Internet of Things. The unveiling of Token offers a glimpse of how the company plans to transform the payment experience for consumers through secure authentication and frictionless transaction.

“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.

Token replaces credentials needed to carry out daily transactions such as credit cards, house keys, and passwords. It leverages a proprietary two-factor authentication method via a fingerprint sensor in the base of a ring and an optical proximity sensor. Token also uses a payment security technology that replaces cardholder’s account information with a unique identifier designed to facilitate secure contactless payment authentication services.

NXT-ID Inc. (NASDAQ:NXTD) will now be able to target wearable device manufacturers with the new payment technology. Device manufacturers can add the payment solutions and authentication capabilities to their products with no investment or start-up time needed.

Fly Smart Cards Milestone

Separately, NXT-ID Inc. (NASDAQ:NXTD) says it has delivered about 60,000 Flye smart cards to WorldVentures, a leading direct seller. The company touts the Flye smart cards as the world’s most cutting-edge technology designed to provide convenience and unprecedented security.

The smart cards were specifically developed for the distributor’s DreamTrips, a travel club and entertainment community. Flye First is currently available to members in Singapore and South Africa ahead expected launch in Budapest.

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.

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About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.

Author: James Marion

James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.

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