- Published: 26 February 2015
- Written by FN Media Group
Ground Breaking Patent Announcement for Voice Directed Payment Platform Coupled with a New Deal With Major Carriers Sets up Significant Changes in Smart Wallet Industry
Coral Springs, FL – (February 26, 2015) - Biometric advancements lead to the latest convenience access for consumers jumping into the Smart Wallet market with ground breaking payment methods for mobile commerce sector from Tech leaders such as by NXT-ID, Inc. (NASDAQ: NXTD). And to compete with Apple Pay (NASDAQ: AAPL) Google (NASDAQ: GOOG) has struck deals to have Google Wallet pre-installed on Andriod phones with Verizon (NYSE:VZ), AT&T (NYSE:T).
NXT-ID, Inc. (NASDAQ: NXTD) and (NXTDW), a biometric authentication company focused on the growing mobile commerce market, announced today that it has filed provisional patent 62114357 for 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.
Read the full NXTD press release at http://www.financialnewsmedia.com/profiles/nxtd.html
"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.
NXT-ID's New Voice Activation announcement received major news coverage this week as more learned of the latest Patent developments.
Patent filed for voice-directed payment system
http://www.ctpost.com/news/article/Patent-filed-for-voice-directed-payment-system-6100072.php
Credit Card Voice Activation Coming Soon Thanks To Smart Wallet Maker
http://www.idigitaltimes.com/credit-card-voice-activation-coming-soon-thanks-smart-wallet-maker-417205
Mobile Pay Tech Lets Users Say To Pay
http://www.pymnts.com/news/2015/mobile-pay-tech-lets-users-say-to-pay/#.VOyX-9hMvcs
New smart wallet requires a biometric signature to make payments
http://uk.blastingnews.com/tech/2015/01/new-smart-wallet-requires-a-biometric-signature-to-make-payments-00230253.html
In other Smart Wallet news and developments: As mentioned earlier, Google (NASDAQ: GOOG) has struck deals with Verizon (NYSE:VZ), AT&T (NYSE:T), and T-Mobile (NYSE:TMUS) to have the Google Wallet payments app pre-installed on Android phones sold by the carriers, starting later this year. The Web giant is also "acquiring some exciting technology and intellectual property" from the carriers' Softcard payments JV, which never fully got off the ground. TechCrunch reported of Google's interest in Softcard last month. Thus far, Wallet's adoption has been hurt by limited support from carriers - Sprint was the only major U.S. backer - and retailers, as well as consumer reluctance to embrace NFC-based payments. However, the launch of (NFC-based) Apple Pay, along with the broader rollout of NFC-capable terminals and chip-and-PIN payment systems (they make card swipes a little less convenient) is altering the landscape
The deal comes a few days after top Android OEM Samsung big announcement of a creator of a mobile payments solution that works with standard card-swipe terminals. - Mobile payments plays include NFC reader maker On Track Innovations (NASDAQ: OTIV) and payment-processing/telemetry services provider USA Technologies (NASDAQ: USAT). Read this full article athttp://seekingalpha.com/news/2317516-google-strikes-mobile-payments-deals-with-u-s-carriers
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