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January 8, 2014

NXT-ID launches new wallet to prevent credit card fraud

NXT-ID, a US-based biometrics company, has unveiled a new Checkout with Wocket wallet, which uses patent-pending dynamic pairing technology (DPT) to prevent credit card fraud.

By Verdict Staff

NXT-ID, a US-based biometrics company, has unveiled a new Checkout with Wocket wallet, which uses patent-pending dynamic pairing technology (DPT) to prevent credit card fraud.

The new wallet secures all the payment card information before, during and after any transaction without changing the existing current payment infrastructure.

NXT-ID chief technology officer, David Tunnell, said their dynamic pairing technology is built upon the existing systems retailers use, but with the Wocket smart wallet, they can provide a dynamic pairing number for any account, not just a single ‘card.’

The Checkout with Wocket smart wallet generates a dynamic account number that does not reveal any information about the actual account number, but dynamically pairs to a specific account number. This results in a transaction that takes place without revealing the retailer’s existing infrastructure.

NXT-ID CEO, Gino Pereira, said their solution prevents the rampant loss of private information that is so prevalent in recent news.

"Dynamic pairing technology gives retailers, banks and credit card companies the opportunity to offer their customers the ability to confidently release their personal information without fear of fraud and without having to modify the current payment process. This is a true innovation for the future of payments," Pereira added.

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