Fit Pay to provide payment capabilities for biometric ID ring Token
Payment and authentication firm Fit Pay, a wholly owned subsidiary of NXT-ID, announced it is providing payment capabilities for biometric identity ring startup Token.
Currently available for presale for shipping in December, Token is a ring embedded with an ultra-compact fingerprint sensor and an optical proximity sensor that can be used for payments, access and several other applications.
Expected to begin shipping to customers in December, Token replaces the need for most day-to-day credentials while using a proprietary continuous two-factor authentication method to ensure that only the authorized user can access the protected credentials.
“Innovative devices like Token are transforming the payment experience for consumers by combining secure authentication and a frictionless transaction into a sleek, fashionable form factor,” said Michael Orlando, president of Fit Pay, Inc. and COO of NXT-ID. “Its launch helps push the adoption of contactless payments towards an inflection point.”
Fit Pay’s platform will provide the payment capabilities for Token, including full digital wallet functionality with the ability to make contactless payments with an existing credit card.
The payment solutions firm will connect Token to its Trusted Payment Manager (TPM) platform, which is integrated with popular card networks, as well as power the digital wallet functionality within the application that supports the device.
“Our vision is to offer a device that streamlines the process of authentication throughout the day, while simultaneously protecting users from identity fraud using advanced cryptography,” said Token co-founder and CEO Melanie Shapiro. “As we looked to add essential services to Token, contactless payment capabilities were a must-have and Fit Pay platform offered the best end-to-end solution for our users.”
Using tokenization, Fit Pay’s proprietary technology delivers payment, credential management, authentication and other secure services to the IoT ecosystem.
Fit Pay leverages Embedded Secure Element (eSE) chip technology within devices such as Token to deliver a payment solution that is both power and memory efficient.
With Fit Pay, users do not have to refresh a token once it is issued. This frees devices from from having to be tethered to a host device or connected the Internet to transact payments, delivering a more seamless user experience.
In March, NXT-ID, Inc. and Fit Pay, Inc. entered into an agreement to combine their businesses in a deal that included stock and cash consideration.
biometrics | fingerprint authentication | NXT-ID | Token | wearables