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 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."
About NXT- ID Inc. - Mobile Security for a Mobile World: (NXTD) (NXTDW):
NXT-ID, Inc.'s 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 led by Wocket™; a next generation smart wallet designed to replace all the cards in your wallet, no smart phone required. Wocket was recognized as one of the top technology products at CES 2015 by multiple media outlets including Wired.com. The Wocket works anywhere credit cards are accepted and only works with your biometric stamp of approval. http://www.wocketwallet.com/
Forward-Looking Statements for NXT-ID: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company's business strategy. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.
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SOURCE NXT-ID, Inc.