that could solve the problem of convenience and security such as
NXT-ID’s Wocket and Coin. They take the approach of combining the
ubiquity of card-based payments with a single, secure digital wallet
that can hold all of a consumer’s card details in the single device." Another new start-up competitor has emerged on the landscape, called the Loop Wallet™ App, that says it scans, stores and organizes all your cards on a smartphone securely, and lets you pay at virtually every retailer today.
It is clear that this is the year for the race to bring consumers the most innovative payment solutions; consumers and investors
stay tuned! NXT-ID, Inc. Interview:
Q: Investorideas.com
Gino you recently released a product FAQ, 'Get to knowWocket™’ that shared a lot of new product features including the number of cards it can hold (up to 10,000). Can you share some of the new product features?
A: Gino Pereira, Chief Executive Officer of NXT-ID, Inc
Certainly. These product features are not so much new but we are releasing more details as we get closer to product launch. There’s still more to come! I would encourage those who are interested to visit our website www.nxt-id.com and read the FAQ’s on the Wocket product page.
Essentially, Wocket is a next generation smart wallet that locks all of your private information in an electronic vault where only an authorized user can gain access to the information and has a single dynamic card for all your payments You can store up to 10,000 records in Wocket including credit, debit, loyalty, gift, ID and membership cards as well as coupons and even medical records, to name a few. The Wocket completely replaces your wallet. It even allows for you to carry cash!
Q: Investorideas.com
Your company recently published filings regarding a private placement funding that was non- dilutive and described by analysts as investor
friendly. Can you share what that means in laymen’s terms? A: Gino Pereira, Chief Executive Officer of NXT-ID, Inc
As a public company we wanted to show our investors that, as a management team, we believed in the company, so the founders returned stock to the Company on a one for one basis with the new shares that were issued in the financing. As a result, existing investors are not diluted by having more shares issued and the Company has more money in the bank!
Q: Investorideas.com
Can you discuss the security features on Wocket and what differentiates it from the competition?
A: Gino Pereira, Chief Executive Officer of NXT-ID, Inc.
Wocket uses multifactor biometric and PIN identification to allow access to private information. In addition, this information is stored on a secure encrypted chip inside the Wocket. This information is input directly into Wocket and does not come from the internet or the cloud or a phone or other computer. The information on the dynamic card is zeroised after one swipe, so if the card itself is lost, it carries no information about the owner.
Q: Investorideas.com
When is your expected roll- out to debut the Wocket and are you on schedule?
A: Gino Pereira, Chief Executive Officer of NXT-ID, Inc.
We expect to debut Wocket at the end of March or early April and we are currently on schedule for that time frame.
Q: Investorideas.com
How do you view the competitive landscape and how confident are you in Wocket’s technology?
A: Gino Pereira, Chief Executive Officer of NXT-ID, Inc.
I think that the whole payments space is going through tremendous disruption at the moment with a number of players, both large and small, looking for ways to improve security and functionality.
There will potentially be several winners who achieve this in slightly different ways. We think of ourselves as not just a company enabling a more convenient method of payment but we are a next generation authentication company with solutions
to multiple problems across different platforms. Wocket is an
authentication device as well as your wallet, and in combination with
our one time use dynamic pairing algorithms, can authenticate the user
for payments both at the point of sale (POS) for card present
transactions as well as for card not present transactions such as online
purchases. Wocket can also authenticate you for seamless access to
smart devices of the future with access to your house and your car! We
have technologies for tomorrow’s world that are not only a lot more
secure than what is available today but also will be convenient and easy
to use.COIN Interview:
Q: Investorideas.com
I read that less than a week after your first media launch, you reached your initial pre-sale goal. What is the ongoing interest like for presales - has the momentum continued?
A: Kanishk Parashar, CEO of Coin
We are very excited about our continued growth after hitting our $50,000 goal in just 40 minutes after launch, but we aren't releasing any more specifics at this time. We want to keep our focus on manufacturing the product as we ramp up to start shipping this summer.
Q: Investorideas.com
The company also addressed some of the security concerns following the initial media release. Can you tell us what changes were made with regard to security?
A: Kanishk Parashar, CEO of Coin
In total below are the security features of Coin:
- The Coin app is password protected and is 128-bit/256-bit encrypted for all storage and communication with its easy-to-use consumer app to ensure the safety of your identity.
- With Coin, you can only add your cards that match your personal information stored in the app. Your full name will be printed on the Coin and your signature will be on the back.
- Coin sends you a push notification alerting you if you leave your Coin behind and locks automatically if you go too far away, making it unusable if anyone tries to pay with it. If you need to unlock your Coin without your phone - you can enter in your single button passcode (similar to Morse code) so you always have your Coin available for use.
- On the digital screen, you will see the nickname that you assigned to your card, the last 4-digits of the card and the expiration date. If you need any other information off your card - you can go to your Coin app which has front and back images of your card.
- Coin has an alarm, that remembers how many times your Coin is being swiped, and will alert you via the app if it is being swiped fraudulently when out of your hands.
- Coin can lock for one particular card so it can’t be changed to a different card by a merchant or waiter for example.
I read in late January in VC Post that the company is raising approximately $15 million in a Series-A financing. Can you give us an update on that, and are you able to disclose any key investors in the raise? (http://www.vcpost.com/articles/21195/20140129/us-credit-card-wallet-coin-raising-15m-in-series-a-funding-sources.htm)
A: Kanishk Parashar, CEO of Coin
No comment.
Q: Investorideas.com
Is the company still on track to release the product to consumers for this summer?
A: Kanishk Parashar, CEO of Coin
Yes - Summer 2014.
Q: Investorideas.com
In closing, can you sum up the consumer response and attitude towards your product?
A: Kanishk Parashar, CEO of Coin
We are very excited by the initial consumer response that we have received so far. Our backers have been very positive and patiently awaiting the release of Coin this summer.
About NXT- ID Inc. - Mobile Security for a Mobile World
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 the Wocket™; a next generation smart wallet designed to replace all the cards in your wallet, no smart phone required. The Wocket works anywhere credit cards are accepted and only works with your biometric stamp of approval. http://www.thewocket.com/, http://www.wocketwallet.com/
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/
Investor Inquiries:
Kirin Smith
ProActive Capital Group
Direct: 646 863 6519
Corporate:mailto:info@nxtid.com
About COIN
Hold all your cards in one Coin.
https://onlycoin.com/about/
Goode Intelligence is an independent research and consultancy company that provides quality advice to global decision makers in business and technology. Goode Intelligence works in information security, mobile security, authentication and identity verification, biometrics, enterprise mobility and mobile commerce sectors. Founded in 2007 by Alan Goode and headquartered in London Goode Intelligence helps both technology providers, investors and IT purchasers make strategic business decisions based on quality research, insight and consulting.
Goode Intelligence works with a cross-section of clients, from global brands that are ranked on the FTSE/Fortune 100 to start-up technology companies.http://www.goodeintelligence.com
Previous Wocket™ and COIN Interview with Investorideas.com
December 9 th 2013: http://www.investorideas.com/CO/NXT/news/2013/12091ep.asp
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Sources: Investorideas.com, COIN, NXT- ID Inc., Goode Intelligence
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