Today’s Top Biometrics & Tech News Updates
COIN, a company that puts eight credit cards in one COIN is taking pre-orders from consumers for delivery in the summer in 2014. Management believes believe Coin is a substantial improvement on how consumers interact with, and use cards that have a magnetic stripe.
As the two companies prepare for their roll-out in 2014, Investorideas interviews both CEOs to give consumers insight as to what will differentiate the products to the end user. InvestorIdeas is a leader in investor stock research by sector, featuring stock news, commentary and trading alerts in leading sectors.
NXT-ID, Inc Interview:
Q: Investorideas What is the idea behind the wocket(TM)?
A: Gino Pereira, Chief Executive Officer of NXT-ID, Inc The wocket(TM) is our interpretation of everything a modern wallet should be. It has a single reprogrammable credit card within the wocket to allow secure payments to be made in a traditional manner but the wocket has other functionality too and will be able to display identification as well as hold cash just like a traditional wallet.
Q: Investorideas What is the battery life of the smart card in the wocket?
A: Gino Pereira, Chief Executive Officer of NXT-ID, Inc The smart card in the wocket is automatically recharged when it is in the wocket so it will never run out of juice! The wocket uses two CR batteries that need to be replaced every 2 to 4 years depending on frequency of use but they are inexpensive and widely available.
Q: Investorideas Does the phone need to be near for the wocket to work?
A: Gino Pereira, Chief Executive Officer of NXT-ID, Inc No. The wocket does not depend on a phone to work. In fact no confidential information in the wocket is ever passed through a phone or the internet. It is an important security feature.
Q: Investorideas What security features does the wocket have?
A: Gino Pereira, Chief Executive Officer of NXT-ID, Inc In order to access the wocket for use, the user must authenticate themselves through the use of a multi-factor voice biometric algorithm or through a unique identifier on the touch screen. As we have previously stated, no confidential information in the wocket is ever passed through a phone. The confidential card information is loaded directly on to the wocket through a scanner that has an input directly into the wocket. In addition after the card is used, the wocket zeroizes the magnetic strip meaning no information is retained on the card. If the card is lost there is no useful information on it. In fact purchasers can subscribe to an insurance plan with us so that if their card is lost we will replace it overnight and they can continue life as normal within 24 hrs.
Q: Investorideas What features does the wocket offer other than making credit card payments?
A: Gino Pereira, Chief Executive Officer of NXT-ID, Inc Any card with a magnetic stripe can be loaded on the wocket so debit cards, gas cards, supermarket cards and other loyalty cards can all be used. The wocket can also display barcodes and identity cards. The fact that the wocket is a smart wallet also means that future editions will be able to make touchless payments, often known as “touch and go,” and NFC capability means that you could even use it at to make EZ-pass payments while you are driving. Of course you will also be able to hold cash in your wocket as well.
Q: Investorideas I had read that the battery life of COIN is 2 years; is that correct? And if so what kind of usage is that based on in testing?
A: Kanishk Parashar, CEO of Coin COIN’s battery life is 2 years under normal usage. Normal usage is 10 swipes per day.
Q: Investorideas What happens if the phone battery dies? Does it still work?
A: Kanishk Parashar, CEO of Coin Coin uses the concept of a leash, when the phone battery dies, the leash breaks and Coin locks down and disables itself. Once this happens, users can manually unlock Coin using a single button passcode (similar to a morse code) and continue to use their Coin without their phone.
Q: Investorideas How do they get the credit info onto the phone app? How is it downloaded?
A: Kanishk Parashar, CEO of Coin Credit card info is downloaded to your phone app by first taking a picture of the front and back of your card, answering personal security questions and finally through a card reader dongle attached to your phone.
Q: Investorideas Have you tested the magnetic stripe with all kinds of payment cards? And can you say which ones?
A: Kanishk Parashar, CEO of Coin We have proven and tested the magnetic stripe with all kinds of payment cards such as Visa, MasterCard, and AMEX just to name a few, as well as other magnetic striped cards like loyalty cards, gift cards, and membership cards.
Q: Investorideas Does the phone need to be near for COIN to work?
A: Kanishk Parashar, CEO of Coin [As per question two] Coin uses the concept of a leash, when the phone battery dies, the leash breaks and Coin locks down and disables itself. Once this happens, users can manually unlock Coin using a single button passcode (similar to a morse code) and continue to use their Coin without their phone.
Q: Investorideas What stops someone that gets a hold of your COIN, from accessing all 8 cards you may have downloaded? For example what happens if it falls in the hands of either a customer service person or if you lose it or someone steals it?
A: Kanishk Parashar, CEO of Coin When you give your COIN to a customer service person or waiter, you can lock the card to avoid unwanted swipes from occurring. Additionally COIN will keep track of the number of times it is swiped and will alert you when actions are suspicious. When your COIN is lost or stolen, it will be disabled and inoperable as soon as it breaks connectivity with your mobile phone and will not function until it is manually enabled or reconnected to your phone.
Monday proved to be a mildly upbeat day for the tech sector, with Twitter Inc. flexing its muscles further after announcing a new method of targeting ads, and after the microblogging company joined several tech leaders in calling upon President Obama to push for tighter controls on governmental efforts to spy online. Twitter TWTR closed with a gain of $4.19 a share, or more than 9%, at $49.14 on Monday. Analyst Ken Sena, of Evercore Partners, said Twitter’s gains were likely “a follow-through from Thursday’s announcement” when the company unveiled “tailored audiences” , or new tools designed to better target advertisements on the company’s site.
Read the full article at: marketwatch.com
Apple, Inc. AAPL News: Global Equities Research’s Trip Chowdhry today writes that he has been approached by clients asking him what he makes of the rumored iPhone deal between Apple (AAPL -0.78%, news) and China Mobile (CHL -1.44%, news). As I mentioned this morning, The Wall Street Journal reported China Mobile will start taking pre-orders for the iPhone this week, the first time the carrier has ever officially offered the phone. Chowdhry, who has an Overweight rating on Apple shares, and an $800 price target, opines that details of the deal “are still sketchy,” and it remains to be seen what the price will be when the devices do go on sale.
Read the full story at: blogs.barrons.com/techtraderdaily
Read the full story at: techcrunch.com.
NXT-ID Inc.’s (OTCQB: NXTD) innovative MobileBio™ solution mitigates consumer risks associated with mobile computing, m-commerce and smart OS-enabled devices. The company is focused on the growing m-commerce market, launching its innovative MobileBio™ suite of biometric solutions that secure consumers’ mobile platforms. NXT-ID’s wholly owned subsidiary, 3D-ID LLC, is engaged in biometric identification has 22 licensed patents in the field of 3D facial recognition http://www.nxt-id.com/ , http://3d-id.net/
Visit the company website at: http://nxt-id.com/
Learn more about the WOCKET at: http://thewocket.com/
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