Nxt-Id Inc (Nasdaq:NXTD) Fit Pay Launches Device for Making Contactless Payments Using Digital Coins


NXT-ID Inc (NASDAQ:NXTD) Fit Pay has unveiled a contactless payment device known as Flip which will be used to buy goods and services at various retail outlets using digital coins. This follows an announcement which was made in December last year that the NXT-ID subsidiary would be expanding its platform in order to integrate virtual currencies in the payments ecosystem.

In order to conduct traditional payment transactions, Flip will leverage the payment platform of FitPay. Pre-orders for the device will kick off later this month. Initially the device will only be available in the United States though there are plans to roll out to other countries in future. Shipping of the devices is expected to start in this year’s Q2.

Contactless payments

Being NFC-enabled it will be possible to conduct payments at virtually any point of sale which accepts contactless payments. Users will be required to change their digital coins into United States Dollars and then preload any amount onto the Flip device. In their digital wallet users will be able to determine the amount they want to preload as well as when they next want to reload. At first it will only be possible to change Bitcoin (BTC) but other virtual currencies will be supported in days to come.

“When we announced that we were extending the FitPay Platform to cryptocurrencies, our goal was leverage our existing technology to connect cryptocurrencies to the payment ecosystem. That’s exactly what Flip achieves. And it continues to expand our offerings,” Fit Pay’s president and NXT-ID’s chief operating officer, Michael Orlando, said.

IoT and Wearable devices

Late last year Fit Pay had announced the formation of a partnership with Cascade Financial Technology aimed at jointly developing a platform through which holders of virtual currencies could use their digital coins to transact at retail outlets across the globe. Flip is a fulfilment of that goal.

Previously the two companies had partnered in offering prepaid capabilities on IoT and wearable devices that are connected to the payment platform of FitPay. With the product users are able to store money on their device using the FitPay platform which in turn links to Cascade Cloud to allow for contactless payments to be made.

Ruchi Gupta works as a full-time freelancer and her content spread over from tech news to analysis on equities. Earlier, she had worked in the capacity of a Senior Research Analyst with Nigeria’s largest financial newspaper. She also had stints with companies like Genpact (for its GE domain), Zacks Research and ABN AMRO Bank spread over a period of five years. She holds a first degree in Accountancy and Post Graduate Diploma in Business Administration (First Class) from the International School and Business and Media in India.