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April 09, 2015

NXT-ID Files Patent for its New Wireless Payment Technology, the Heart of the Wocket Smart Wallet

NXT-ID, a company specializing in biometric and security technology, has introduced its innovative new wireless payment technology. The company recently announced it filed provisional patent 62/143028 for a “miniature, multi-purpose antenna method and system for low-power close-proximity communications and energy transfer.”

NXD-ID’s new method and system uses miniature antenna modules to enable RF (Radio Frequency) and magnetic stripe communications, energy transfer and charging and wireless magnetic payments with implications for even more technologies in the future. Notably, these modules can transmit wirelessly to magnetic strip readers — the most commonly found point of sale (POS) system currently in use — in addition to near field communication (NFC) terminals. The user can simply hold the antenna-containing device within a few inches of a NFC terminal or magnetic strip reader to instantly transmit the necessary data.

The antennas require almost no energy at all to operate and are small enough to easily be integrated into devices of any size, including smartphones, smart watches and smart wallets. In fact, the technology was originally developed for NXT-ID’s Wocket Smart Wallet before the company recognized its potential applications for a wide range of uses.

“This is a potential game changer to the mobile payments industry,” said Gino Pereira, CEO of NXT-ID.  “We are extremely excited to introduce this potentially disruptive technology as the next step in our evolution, after we complete our Wocket Smart Wallet delivery program this spring. This new method of wireless payment technology has a power consumption so low it brings wireless payments to virtually any mobile or wearable application. We plan to offer this technology to enable wireless magnetic stripe and other wireless features to watches and phones, as well as our Wocket Smart Wallet in the near future.”

Wireless payment systems are slowly gaining traction and becoming more prevalent, but a major limitation is the ability to interact with non-NFC-enabled terminals. If NXT-ID’s new method and system is integrated into a larger variety of devices it may be the necessary tipping point that catapults wireless payments into the forefront of consumer interactions.

 



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