Fit Pay, a subsidiary of NXT-ID, is offering payment capabilities for Token, a biometric identity ring that optimizes the process of authentication.
Token will begin shipping to users in December 2017.
"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."
Token replaces the need for the majority of day-to-day credentials, including credit cards, house keys, passwords and more, while leveraging a proprietary continuous two-factor authentication method – via an ultra-compact fingerprint sensor in the base of the ring and an optical proximity sensor – to ensure no one but the user can ever access the protected credentials. Fit Pay's platform will provide the payment capabilities for the device, including full digital wallet functionality with the ability to make contactless payments with an existing credit card.
Fit Pay will connect Token to its Trusted Payment Manager™ (TPM™) platform, which is integrated with the leading card networks, and 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 Cofounder 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."
Fit Pay's proprietary technology platform delivers payment, credential management, authentication and other secure services to the IoT ecosystem. The platform uses tokenization, a payment security technology that replaces cardholders' account information with a unique digital identifier (a "token"), to transact highly secure contactless payment and authentication services.
Fit Pay leverages Embedded Secure Element (eSE) chip technology within devices to offer a payment solution that is very power and memory efficient and does not need to refresh a token once it is issued. This frees devices from needing to be tethered to a host device or connected the Internet to transact payments, creating a superior user experience.
Fit Pay's payment solution allows IoT and wearable device manufacturers to add payment and authentication capabilities to their products with very little start-up time, no investment in software development and instant access to the leading credit card networks, such as Mastercard and Visa.