NXT-ID rolls out NFC-enabled Wocket smart wallets

wocketNXT-ID has announced that effective this month (January 2016), all Wockets sold will be enabled with NFC (Near Field Communication) payment technology.

As new partnerships with financial institutions are completed, Wocket owners will be notified when they can make NFC payment transactions. This will require a software upgrade through the Wocket app. Gino Pereira, CEO of NXT-ID explains, ” The next generation Wockets are NFC enabled for payments like Apple Pay or Google Pay. It works as they do when you tap your Wocket to a terminal and it takes your payment. In 2016 we envision several product extensions for Wocket including NFC only Wockets and a new smartcard and app product all at different price points for various customer needs and preferences.”

This technology was previewed at the Consumer Electronics Show (CES) in Las Vegas earlier this month along with a new contactless method of making Wocket payments at unmodified point of sale terminals that normally can only accept magnetic stripe cards.

NXT-ID Director Stanley Washington, who spent 17 years as a senior executive at American Express, commented while attending CES, “This is a very exciting period for NXT-ID. The Company has a technology platform that can make payments by multiple methods to suit consumer preferences in a number of different form factors. This makes the technology appealing to strategic partners from financial institutions to makers of devices that would like to incorporate payment technology.”

According to Zion Research and their new report, “Mobile Wallet (NFC and Remote Payment) Market: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020” , global demand for mobile wallet market was valued at USD 500 billion in 2014 and is expected to reach USD 2,500 billion in 2020, growing at a CAGR of approximately 30% between 2015 and 2020.

NXT-ID markets Wocket® as ‘the smartest wallet you’ll ever own’. Designed to protect your identity and replace your old wallet, users save their cards into Wocket once and they are immediately secured. Users then choose a card from the touch screen and Wocket programs its single, smart card (Wocket Card) or uses its NFC touch to pay technology to match your selection. The Wocket can be used virtually anywhere that credit cards are accepted today. Wocket can also display a variety of barcodes. A users credit, debit, loyalty, gift, ID, membership, insurance, medical information, passwords, and virtually any other information can be protected on Wocket®, claims the company.

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Categories: Contactless Payments, Digital Wallet

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