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No card or one card to replace all the cards in your wallet? An industry undergoing massive disruption
NEW YORK and POINT ROBERTS, Washington, June 5, 2014 /PRNewswire/ --
Investorideas.com, a global news source covering leading sectors including mobile payments and payment technologies, issues a report on emerging payment technology companies Dwolla and NXT-ID, Inc (OTCQB: NXTD) (OTCBB: NXTD). Recently, InvestorIdeas attended both the Cartes Conference held in Las Vegas and the NXT-ID, Inc. Wocket™ smart wallet press conference held at the Plaza Hotel in New York, gaining insight on how the CEOs of the two companies are taking very different approaches towards solving the same problem: security in the payment industry.
The ongoing breaches that consumers and businesses are faced with daily, such as those that have affected Target and eBay, have incited the birth of new technologies including mobile apps, internet and cloud solutions and new digital wallets. They are all looking to protect our identity and make our financial transactions secure.
CEO and Founder of Dwolla Ben Milne said at Cartes, "We set money free."
The Company website says "We're not like those other big payment companies that rely on plastic cards and charge hefty fees. Instead, we've built our own network that securely connects to your bank account and allows you to move money for just $0.25 per transaction, or free for transactions $10 or less."
At the Cartes conference he told a captive audience, "We literally took everything the card does and built it into a protocol and just replaced the card and with it a whole lot of problems go out the door. This is not a philosophical idea, this has actually been built and being distributed. We are currently integrated with governments, businesses and even banks. Some regulated entities and publicly traded companies utilize our network on a daily basis and it's all without a card!"
So Dwolla aims to eliminate our plastic cards - while newcomer NXT-ID, Inc. wants to replace all the cards in your wallet (up to 10,000 if you have them) with one biometrically secure card and a Wocket™ smart wallet.
Mr. Gino Pereira, Chief Executive Officer of NXT-ID started his presentation at the Plaza by stating "Meet Wocket, the smartest wallet you will ever own."
"In the last 18 months there have been a billion breaches of private information. One in ten of us have had our identity stolen. What can we actually do about this? It turns out that 44% of identity fraud can be traced to a stolen wallet or purse. If we can do something about protecting the information in our wallets, then we can cut down tremendously on the incidents of identity fraud. That's why you need a Wocket."
He went on to explain, "You can store 10,000 pieces of information on here in your own personal vault, It can only be accessed by you, by your voice biometrically or with a PIN, or by drawing a shape on a screen. You can store all your loyalty cards, gift cards, credit cards, on a slim, easy-to-use device. We think this is the evolution of smart. You started with smartphones, you then had smart watches; this is a smart wallet."
"When you select a card that you want to use on your Wocket touchscreen, it gets programmed on the Wocket card. You hand the Wocket card to your server or attendant and they will check you out just like with any other credit card. But it's on one single card! For security, the information that is transferred onto the card is erased or zeroized a very short time after it is charged."
He closed with "This is the Wocket™, it retails for $149.99 and it's available at http://www.wocketwallet.com", followed by a public demonstration of the first financial transaction with a Wocket™.
According to a recent report from Business Intelligence, "The credit card companies themselves aren't going anywhere for now. Visa and MasterCard in particular will remain an indispensable part of the chain because they don't actually process payments. They simply provide the rails that the credit card system runs on. Credit card processors like First Data that actually do the work of processing merchants' credit card transactions on the back-end are also in a strong position."
So what is the future of payments; one card, no card? "One thing we know is the way we do it today is not ideal", said Ben Milne of Dwolla.
Mr. Gino Pereira, Chief Executive Officer of NXT-ID quoted well-known scientist Alan Kay during his presentation reminding us, "The best way to predict the future is to invent it."
See the videos:
Video of Ben Milne, CEO and Founder of Dwolla in Las Vegas, May 14th, 2014:
Video of Mr. Gino Pereira, Chief Executive Officer of NXT-ID at the Plaza Hotel in New York City, May 28th
Dwolla is a payment network that allows any business or person to send, request and accept money. We're not like those other big payment companies that rely on plastic cards and charge hefty fees. Instead, we've built our own network that securely connects to your bank account and allows you to move money for just $0.25 per transaction, or free for transactions $10 or less. https://www.dwolla.com/
About NXT-ID Inc. - Mobile Security for a Mobile World
NXT-ID, Inc.'s (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 led by the Wocket™ ; a next generation smart wallet designed to replace all the cards in your wallet, no smartphone required. The Wocket works anywhere credit cards are accepted and only works with your biometric stamp of approval. http://www.wocketwallet.com/
NXT-ID's wholly owned subsidiary, 3D-ID LLC, is engaged in biometric identification and has 22 licensed patents in the field of 3D facial recognition http://www.nxt-id.com/, http://3d-id.net/
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