NXT-ID Inc. (NASDAQ: NXTD) shares found their way higher as its subsidiary FitPay and Discover Financial Services announced plans to extend payments to IoT devices.
Discover Financial Services and FitPay, Inc., one of NXT-ID’s subsidiaries announced a network services agreement to allow devices that are integrated with the FitPay Payment Platform[TM] to provision tokenized payment credentials through Discover® Digital Exchange (DDX)
The agreement enables Discover cardholders, along with alliance partner cards, to easily make contactless payment transactions at retail locations with wearable or Internet of Things (IoT) devices that include payment capabilities powered by FitPay.
Diane Offereins, who is Discover’s president of payment services, "With the advancements of mobile technology, the way customers interact with merchants is being re-imagined with an eye toward more secure and convenient methods of payment.
"This integration with FitPay is one more way in which Discover is continuing to enhance the payment experience and provide more options for our cardholders on how and where they pay."
Under the agreement, FitPay's payment and digital wallet platform will be integrated with the Discover tokenization platform, DDX. FitPay's platform enables manufacturers of IoT and wearable devices to add contactless payment capabilities to their products, making it possible for consumers to pay for goods and services at near field communication (NFC)-enabled point-of-sale terminals with a simple tap.
NXT-ID provides a comprehensive platform of technology products and services that enable the Internet of Things
NXT-ID shares powered up 69 cents, or 31.7%, to $2.87, within a 52-week trading range of $1.01 to $8.59