What’s In Your Bio Wallet?
What’s In Your Bio Wallet?
Not a new cyber vehicle for stir-fry cooking, the Wocket, as described by its maker NXT-ID, Inc., is a next-generation biometrically-secure wallet, a.k.a., bio wallet. Expected to hit the market in the first quarter of 2014, the Wocket’s purpose is to replace traditional wallets and the number of cards we all carry around in them. An episode of Seinfeld comes to mind in which George Costanza carries around a wallet the thickness of a Carnegie Deli sandwich that causes him more physical distress than actually consuming said sandwich.
Essentially, the Wocket is a card with a programmable magnetic strip. Users can program up to 100 cards into it, i.e., credit, debit, ATM cards, as well as personal IDs, medical records, those multitude of supermarket membership and reward cards, etc. At this point, it does not appear to support public transportation cards like New York’s MetroCard. But that’s fodder for future forays.
According to the company, the card works independent of a smartphone or the Internet. In terms of security, this is a step forward, particularly since we hear of some new cyber threat every other day. Also, battery life does not seem to be an issue. A comprehensive Q&A discussion is available on the company’s website.
Commercially speaking, SoundView Research, estimates that NXT-ID can capture six-million users for its Wocket in the US alone. Selling price for The Wocket is $99.99 each. Of course, there is an optional insurance program and some miscellaneous extra services; all totaled, the Wocket is expected to suck in about $780 to $930 million US bucks.
There is also no shortage of expertise behind the product. NXT-ID has recruited Lawrence Flanagan and Ken Moy to ensure a successful 2014 launch of The Wocket.
Since January 2013, Lawrence Flanagan is President and Founder of New Tech Haven and was formerly the Executive Dean at the University of New Haven College of Business. As the global chief marketing officer at MasterCard, he managed a $1.5 billion budget, directed marketing strategies in more than 50 countries, and helped launch the company’s successful “Priceless” advertising campaign.
Formerly senior vice president and Group Head of US Emerging Payments at MasterCard Worldwide, Ken Moy led the execution of the company’s digital conversion strategy and managed all aspects of product development and a diverse set of existing products including online and offline payments, authentication solutions, spending controls and alerts services. He launched MasterPass, the firm’s digital wallet solution. Currently, Moy is Founder and President of Harvest Advisors LLC, a provider of strategy, business development and implementation advice to start-ups and technology solution providers in the developing commerce space.
Assuming all this info is accurate, it appears that NXT-ID is on its way to a successful and profitable new-product launch. The Wocket will most likely be accepted by the greater public at large because, hey, who wants to go around with a deli sandwich in their back pocket? We will also need to wait and see how secure the Wocket really is. Hopefully, we won’t hear of thieves stealing peoples’ cholesterol reports in the near future. ~MD
Mobile Security for a Mobile World:
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 WOCKET website at: TheWocket.com
For more information: SensorsMag.com
Disclaimer/ Disclosure: The Investors News Magazine is a third party publisher of news and research as well as creates original content as a news source. Original content created by Investors News Magazine is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site may be compensated by featured companies for news submissions and content marketing. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers.