CPI Card Group and Fit Pay collaborate on contactless payment token
Payment technology company CPI Card Group is collaborating with Nxt-ID subsidiary Fit Pay on a new contactless payment device roughly the size of a poker chip.
CPI’s embedded contactless technology Adaptives will power contactless transactions for Fit Pay’s new Flip device. Flip allows consumers to make purchases at millions of retail locations where contactless payments are accepted, according to the announcement, and also includes Fit Pay’s digital wallet, which interacts with standard bank accounts, supported Bitcoin wallets and other account types for fund storage and management.
“Along with the shift to contactless payments, we’re also seeing an evolution in consumers’ relationships with their wallets. People went from paying with cash to mostly paying with cards,” notes CPI Card Group VP of Product Management and Innovtion Jack Jania. “There’s significant appeal and interest in easy to carry and quick to access payment methods, and payment objects help answer that call. We’re thrilled to work with Fit Pay to introduce such a distinct, contactless payment innovation in the U.S.”
CPI says the size, thinness, flexibility and cost-effectiveness of Adaptives allow companies to implement the technology for different end uses and form factors for contactless payment, and it works with companies to help them capture their brand identity in the payment objects they create.
“We have always been committed to advancing payment technology, and CPI has helped us create a new contactless payment option for consumers,” says Michael Orlando, COO of NXT-ID and president of Fit Pay, Inc. “Flip represents a new way for people to make contactless purchases everyday with an inexpensive, easy to use form factor. We look forward to seeing the number of Flip users grow and working with CPI to bring more and more innovative contactless payment devices to market in the future.”
Nxt-ID announced the spin-off of Fit Pay, and its eventual renaming as PartX, Inc. earlier this year.
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