October 21, 2013 -
NXT-ID has announced that it has submitted a patent application for its digital wallet technology – the Wocket.
“Rather than attempting to replace the wallet, as companies such as Google and Isis are doing by putting contactless payment capability on smartphones, our method brings the wallet into the 21st century,” Gino Pereira, CEO of NXT-ID said.
“We offer an alternative solution to those who do not wish to give up their wallet and market studies show that represents a significant portion of the population. We offer the modern wallet an electronic vault that is actually part of the wallet, securely protecting private information accessible only by the user via biometric enabled multi-factor authentication. What is unique about this invention is that it secures private information found within a typical wallet, such as credit cards, debit cards, identification information, medical information and records and makes this private information available to owners via an interface made so simple that anyone can use it as they would use their wallet today.”
Specifically, says the company, the Wocket requires biometrically-enabled multi-factor authentication to copy information into or out of the secure vault wallet device and on to a dynamically programmable magnetic stripe NXTCard.
“This patent is the first of many we plan to submit regarding our wearable identity technologies that bring full control and protection of private data to authenticated owners of the data,” David Tunnell CTO of NXT-ID said. “In the coming months, we plan to increase our portfolio of intellectual property with other patents that further promote protection of private data with innovative, easy to use mobile and wearable technologies that conform to how users naturally use devices today.”
Though a wallet isn’t typically worn, it’s carried, it’s unclear what this device will really be like. The company is clear however, to point out that there is no smart phone involved in typical use.
Reported previously, NXT-ID recently announced the appointment of Michael J. d’Almada-Remedios to its board of directors.