Smart Wocket Wallet Arrives
The smart wallet, from Oxford, Conn.-based NXT-ID, works without a mobile phone or cloud, to carry up to 10,000 cards.
Nowadays consumers seek ways to organize items previously carried in back pockets or purses onto mobile devices.
Wocket protects all of private information inside an electronic vault while reducing the number of cards in a person’s wallet.
“Biometric and patent pending technologies make Wocket the smartest wallet on the market,”
Early access customers tested Wocket® at a large number of locations.
They confirmed that Wocket® supports a wide range of retailers and merchants, as well as ATMs, gas stations and point-of-sale terminals with dip style readers that require a full name which according to NXT-ID other emerging card technologies find difficult.
When making a purchase, a consumer selects the card via the touch screen, removes the WocketCard from the Wocket's back pocket, and swipes it like a typical credit card purchase. The WocketCard contains the user’s name, and signature.
It displays the last four digits of the card and the security code on the WocketCard's LCD screen.
To load Wocket, a user swipes cards directly into it using the included card reader. Wocket allows users to manually enter barcodes and text, such as contained for voter's registration, loyalty and/or membership cards.
Wocket protects whatever information is stored in on a tamper-proof, encrypted chip protected by a biometric voice print. Wocket users maintain full control over their information, so Wocket never uploads card data to a server, or store it, on devices such as a smartphone. Many products on the market rely on a smartphone, app and Internet connection. Wocket works all by itself!
Wocket can communicate with a phone or tablet using the Wocket app as a way to manage an account, and update its firmware.
Biometric authentication company NXT-ID announced Wocket, ® which works anywhere credit cards are accepted and only works with biometric authentication, will start shipping to pre-order customers next week.
"This is a significant milestone for the company as Wocket® enters the consumer market. We would like to express our appreciation to all our pre-order customers that have waited patiently to receive this revolutionary product." CEO Gino Pereira said.
Pereira added, "What we have achieved is truly unique and game-changing. We have developed a personal vault that not only protects your identity, but also enables you to pay with a new technology that also works with current payment systems that we use today."
NXT-ID, a biometric authentication company focused on the growing mobile commerce market, produces various Wocket's sizes with accessories. With the base accessory, Wocket is as small as 3.46 inches by 2.75 inches by .39 inches. Wocket is available for a pre-order price of $149.99 and requires an exclusive invite for purchase.
Many tech companies have already entered the wallet market hoping to capitalize on a growing payment trend. Cambridge, Mass.-based Forrester predicted that U.S. mobile payments will grow from $52 billion in 2014 to $142 billion by 2019.
The Federal Reserve painted a different picture. It said the 39% of mobile payment users who used their smartphone device to make payments at the POS terminal remained unchanged from 2013 to 2014.