NXT-ID (Otc:NXTD) News November 19, 2013
Research Reports Features The Wocket(TM), Designed to Be the Next Generation Wallet; NXTCard Functions Anywhere Credit, Debit and Loyalty Cards Are Accepted
Biometrically Secure Wocket(TM) Can Replace Up to 100 Credit Cards; "The Wocket Has a Target Market of Nearly $1B in the U.S. Alone"
SHELTON, CT--(Marketwired - Nov 19, 2013) - SoundView Research, a leading independent research firm, recently published a report on NXT-ID, Inc., (OTCQB: NXTD) featuring the market and opportunity for its leading product, The Wocket™.
SoundView Research states, "We estimate that NXT-ID can capture 6 million users in the U.S. for its Wocket product. Based on the estimated selling price of The Wocket at $99.99 per unit, and including the optional insurance program and other ancillary services we estimate the U.S. market opportunity for NXT-ID'S Wocket to be in the range of $780M to $930M."
The Wocket™, anticipated to be coming to market in the first quarter of 2014, is a new biometrically secure device designed to replace the traditional wallet and the number of cards consumers carry. Its dynamically programmable magnetic stripe, NXTCard can replace up to 100 cards and can include medical records, ID, coupons etc. that are currently kept in a wallet, with one single secure card.
Authenticated users select payment information, via touch display or voice command and use the NXTCard as they would any other magnetic stripe credit or debit card.
The Company just reported it successfully ported its MobileBio Voicematch™ algorithm to The Wocket™. Voicematch™ is a multi-factor biometric technology that can be programmed to match both the user's voice and a specific word of choice.
"We are very excited to see consumers embracing the idea of a new simpler form of payment technology, based on the reaction to the crowd funding start up COIN over the past few days. It shows there is a demand and a desire to replace the current method of carrying around multiple credit cards in a wallet," said Gino Pereira, CEO of NXT-ID, Inc.
"We have been working on The Wocket for over two years now and have designed a product that not only replaces multiple magnetic stripe cards but also introduces a high level of security and functionality while doing so. The Wocket is a replacement for the wallet and will serve as a platform for future innovation. It can read QR codes and barcodes and will be NFC capable allowing for the next generation of contactless payments as well as the traditional magnetic stripe contact method. Very importantly, sensitive user information is directly loaded on to tHE Wocket without having to pass through or be stored on potentially unsecure platforms such as smartphones or web based services. With our product launch anticipated for the first quarter next year, we will be showcasing The Wocket™ developments and updates on www.thewocket.com over the coming months. We believe consumers will be as excited as we are about The Wocket™."
Excerpt from SoundView Research Report on The Wocket™:
The Wocket has a target market of nearly $1B in the U.S. alone. The opportunity will expand across multiple segments, given that the company's products target consumers, enterprise and government agencies in the U.S. and overseas.
NXT-ID's Wocket product is the next generation of secure wallets designed to function anywhere credit cards are accepted. There are close to 200 million credit card holders in the U.S. alone and tens of millions more overseas. The average credit card holder today has 3.5 cards. Credit cards are associated with more than $2.5 trillion in transactions a year and are accepted at more than 24 mil-lion locations in more than 200 countries and territories.
Fraud is a key concern of credit card users. There is growing demand for solutions that prevent or substantially curtail the incidence of credit card fraud. The Wocket has been designed to offer consumers an affordable, mobile, biometrically secured device that has security features and functionality exceeding anything on the marketplace today. In addition, NXT-ID is planning on offering users an inexpensive monthly insurance plan for frequent credit card users that seek even greater peace of mind.
The Wocket will also be designed to carry grocery cards, gas cards and other retail store cards that have become widespread, thus expanding its functionality to users beyond credit cards.
The Wocket is being designed to exploit Near Field Communications (NFC) technology as a way to transmit secure information over mobile devices. NFC is an emerging technology that has yet to take off, but there certainly seems to be a great deal of potential for the technology in the years ahead. We have seen analyst estimates of global, consumer financial sales transactions via NFC mobile-enabled devices growing to $50 billion by 2014. Total e-commerce sales worldwide today exceed $1 trillion, with an expected increase in market penetration of NFC-related mobile transactions in the future.
The report also covers the full MobileBio™ suite of products including facial recognition and voice recognition.
The full research report is available here:
MOBILE SECURITY BEYOND THE PASSWORD
STEPHEN WAITE AND KRIS TUTTLE - OCTOBER 15, 2013
http://s3.amazonaws.com/Published_Research/NX...5_2013.pdf
About NXT- ID Inc. - Mobile Security for a Mobile World:
NXT-ID Inc.'s (OTCQB: NXTD) innovative MobileBio™ solution mitigates consumer risks associated with mobile computing, m-commerce and smart OS-enabled devices. The company is focused on the growing m-commerce market, launching its innovative MobileBio™ suite of biometric solutions that secure consumers' mobile platforms. NXT-ID's wholly owned subsidiary, 3D-ID LLC, is engaged in biometric identification has 22 licensed patents in the field of 3D facial recognition http://www.nxt-id.com/ , http://3d-id.net/
About SoundView Technology Group:
We are an independent advisory and research firm specializing in emerging technologies as they reach commercialization. Our proprietary research and modeling work provides valuable information for company management teams and investors in these emerging opportunities. We regularly publish our findings across a variety of channels including all the major retail and institutional information outlets. SoundView is based in Boston, Massachusetts with locations in New York and Connecticut.
Research Reports Features The Wocket(TM), Designed to Be the Next Generation Wallet; NXTCard Functions Anywhere Credit, Debit and Loyalty Cards Are Accepted
Biometrically Secure Wocket(TM) Can Replace Up to 100 Credit Cards; "The Wocket Has a Target Market of Nearly $1B in the U.S. Alone"
SHELTON, CT--(Marketwired - Nov 19, 2013) - SoundView Research, a leading independent research firm, recently published a report on NXT-ID, Inc., (OTCQB: NXTD) featuring the market and opportunity for its leading product, The Wocket™.
SoundView Research states, "We estimate that NXT-ID can capture 6 million users in the U.S. for its Wocket product. Based on the estimated selling price of The Wocket at $99.99 per unit, and including the optional insurance program and other ancillary services we estimate the U.S. market opportunity for NXT-ID'S Wocket to be in the range of $780M to $930M."
The Wocket™, anticipated to be coming to market in the first quarter of 2014, is a new biometrically secure device designed to replace the traditional wallet and the number of cards consumers carry. Its dynamically programmable magnetic stripe, NXTCard can replace up to 100 cards and can include medical records, ID, coupons etc. that are currently kept in a wallet, with one single secure card.
Authenticated users select payment information, via touch display or voice command and use the NXTCard as they would any other magnetic stripe credit or debit card.
The Company just reported it successfully ported its MobileBio Voicematch™ algorithm to The Wocket™. Voicematch™ is a multi-factor biometric technology that can be programmed to match both the user's voice and a specific word of choice.
"We are very excited to see consumers embracing the idea of a new simpler form of payment technology, based on the reaction to the crowd funding start up COIN over the past few days. It shows there is a demand and a desire to replace the current method of carrying around multiple credit cards in a wallet," said Gino Pereira, CEO of NXT-ID, Inc.
"We have been working on The Wocket for over two years now and have designed a product that not only replaces multiple magnetic stripe cards but also introduces a high level of security and functionality while doing so. The Wocket is a replacement for the wallet and will serve as a platform for future innovation. It can read QR codes and barcodes and will be NFC capable allowing for the next generation of contactless payments as well as the traditional magnetic stripe contact method. Very importantly, sensitive user information is directly loaded on to tHE Wocket without having to pass through or be stored on potentially unsecure platforms such as smartphones or web based services. With our product launch anticipated for the first quarter next year, we will be showcasing The Wocket™ developments and updates on www.thewocket.com over the coming months. We believe consumers will be as excited as we are about The Wocket™."
Excerpt from SoundView Research Report on The Wocket™:
The Wocket has a target market of nearly $1B in the U.S. alone. The opportunity will expand across multiple segments, given that the company's products target consumers, enterprise and government agencies in the U.S. and overseas.
NXT-ID's Wocket product is the next generation of secure wallets designed to function anywhere credit cards are accepted. There are close to 200 million credit card holders in the U.S. alone and tens of millions more overseas. The average credit card holder today has 3.5 cards. Credit cards are associated with more than $2.5 trillion in transactions a year and are accepted at more than 24 mil-lion locations in more than 200 countries and territories.
Fraud is a key concern of credit card users. There is growing demand for solutions that prevent or substantially curtail the incidence of credit card fraud. The Wocket has been designed to offer consumers an affordable, mobile, biometrically secured device that has security features and functionality exceeding anything on the marketplace today. In addition, NXT-ID is planning on offering users an inexpensive monthly insurance plan for frequent credit card users that seek even greater peace of mind.
The Wocket will also be designed to carry grocery cards, gas cards and other retail store cards that have become widespread, thus expanding its functionality to users beyond credit cards.
The Wocket is being designed to exploit Near Field Communications (NFC) technology as a way to transmit secure information over mobile devices. NFC is an emerging technology that has yet to take off, but there certainly seems to be a great deal of potential for the technology in the years ahead. We have seen analyst estimates of global, consumer financial sales transactions via NFC mobile-enabled devices growing to $50 billion by 2014. Total e-commerce sales worldwide today exceed $1 trillion, with an expected increase in market penetration of NFC-related mobile transactions in the future.
The report also covers the full MobileBio™ suite of products including facial recognition and voice recognition.
The full research report is available here:
MOBILE SECURITY BEYOND THE PASSWORD
STEPHEN WAITE AND KRIS TUTTLE - OCTOBER 15, 2013
http://s3.amazonaws.com/Published_Research/NX...5_2013.pdf
About NXT- ID Inc. - Mobile Security for a Mobile World:
NXT-ID Inc.'s (OTCQB: NXTD) innovative MobileBio™ solution mitigates consumer risks associated with mobile computing, m-commerce and smart OS-enabled devices. The company is focused on the growing m-commerce market, launching its innovative MobileBio™ suite of biometric solutions that secure consumers' mobile platforms. NXT-ID's wholly owned subsidiary, 3D-ID LLC, is engaged in biometric identification has 22 licensed patents in the field of 3D facial recognition http://www.nxt-id.com/ , http://3d-id.net/
About SoundView Technology Group:
We are an independent advisory and research firm specializing in emerging technologies as they reach commercialization. Our proprietary research and modeling work provides valuable information for company management teams and investors in these emerging opportunities. We regularly publish our findings across a variety of channels including all the major retail and institutional information outlets. SoundView is based in Boston, Massachusetts with locations in New York and Connecticut.
