NXT-ID Inc (NASDAQ: NXTD) shares showed some strength Tuesday, after the company disclosed that Australia and New Zealand Banking Group customers can make payments with wearable devices and its FitPay payment platform.
The company out of (ironically enough) Melbourne, Florida, disclosed in a news release, announced an agreement with its FitPay division to extend contactless payment capabilities to a range of new devices. The agreement enables ANZ cardholders to make secure contactless payments at NFC-enabled point-of-sale locations directly from Internet of Things (IoT) and wearable devices that are integrated with the FitPay[TM] payment platform.
According to COO Michael Orlando, "We are very pleased to be working with one of Australia's leading banks to help drive the adoption of new contactless payment technology.
"Australians have embraced the convenience of tap and go payments. This agreement allows them to enjoy that same frictionless payment experience on a wider variety of devices."
Under the agreement, ANZ will participate in FitPay's Token Requester Program, which enables cardholders to securely add their payment credentials to devices that are integrated with FitPay's contactless payment platform.
The platform uses tokenization, a payment security technology that replaces cardholders' account information with a unique digital identifier, to transact highly secure contactless payments. It allows consumers to pay at near-field communication-enabled point-of-sale terminals with a simple tap.
Australia reportedly leads the world in the adoption of contactless payments, with four in five consumers making at least one contactless payment a week.
NXT-ID shares increased 25 cents, or 15.9%, to $1.84.
