LITTLETON, Colo.--(BUSINESS WIRE)--CPI Card Group Inc. (Nasdaq: PMTS, TSX: PMTS) (“CPI” or the “Company”), a payment technology company and leading provider of credit, debit and prepaid solutions, today announced a collaboration with Fit Pay, Inc., a leader in the contactless payments space and subsidiary of Nxt-ID, Inc. (NASDAQ: NXTD). Fit Pay selected CPI’s embedded contactless technology, Adaptives™, to power contactless transactions for Flip, its new contactless payment device.
Flip allows consumers to make purchases at millions of retail locations that accept contactless payments. Accompanying the physical Flip is Fit Pay’s digital wallet, which enables consumers to store and manage funds transferred from standard bank accounts, supported Bitcoin wallets and more. Similar in size to a poker chip, Flip gives contactless payment power to consumers in an imaginatively compact and convenient form.
“Along with the shift to contactless payments, we’re also seeing an evolution in consumers’ relationships with their wallets. People went from paying with cash to mostly paying with cards,” said Jack Jania, VP of Product Management and Innovation, CPI Card Group. “There’s significant appeal and interest in easy to carry and quick to access payment methods, and payment objects help answer that call. We’re thrilled to work with Fit Pay to introduce such a distinct, contactless payment innovation in the U.S.”
Through its small size, thinness, flexibility and cost-effectiveness, CPI’s Adaptives allows companies to “adapt” the technology for multiple end uses and form factors for contactless payment. Additionally, CPI’s dedication to customer support helps companies create payment objects that capture their brand identity, no matter how simple, complex or novel they may be. CPI worked in close collaboration to integrate Adaptives with Fit Pay’s desired form factor to produce the contactless-enabled Flip.
“We have always been committed to advancing payment technology, and CPI has helped us create a new contactless payment option for consumers,” said Michael Orlando, COO of NXT-ID and President of Fit Pay, Inc. “Flip represents a new way for people to make contactless purchases everyday with an inexpensive, easy to use form factor. We look forward to seeing the number of Flip users grow and working with CPI to bring more and more innovative contactless payment devices to market in the future.”
Non-fiat funds (i.e. cryptocurrency) must first be converted to U.S. dollars before those funds are loaded onto Flip. There are account and exchange fees associated with maintaining a Flip digital wallet. Flip is currently only available in the United States.
To learn more about Flip, click here.
To learn more about Adaptives™, click here.
About CPI Card Group
CPI Card Group is a payment technology company and leading provider of credit, debit and prepaid solutions delivered physically, digitally and on-demand. CPI helps our customers foster connections and build their brands through innovative and reliable solutions, including financial payment cards, personalization and fulfillment, and Software-as-a-Service (SaaS) instant issuance. CPI has more than 20 years of experience in the payments market and is a trusted partner to financial institutions and payments services providers. Serving customers from locations throughout the United States, CPI has a large network of high security facilities, each of which is certified by one or more of the payment brands: Visa, Mastercard®, American Express and Discover®. Learn more at www.cpicardgroup.com.
NXT- ID, Inc. and Fit Pay, Inc. Nxt-ID, Inc. (NASDAQ: NXTD) provides a comprehensive platform of technology products and services that enable the Internet of Things (IoT). With extensive experience in access control, biometric and behavior-metric identity verification, security and privacy, encryption and data protection, payments, miniaturization and sensor technologies, Nxt-ID develops and markets groundbreaking solutions for healthcare, payment and IoT applications. Nxt-ID includes three mobile and IoT-related subsidiaries: LogicMark, LLC, a manufacturer and distributor of non-monitored and monitored personal emergency response systems ("PERS") sold through dealers/distributors and the United States Department of Veterans Affairs; Fit Pay, Inc., a proprietary technology platform that delivers end-to-end solutions to device manufacturers for contactless payment capabilities, credential management, authentication and other secure services within the IoT ecosystem. Learn more about Nxt-ID at www.nxt-id.com. For Nxt-ID Inc. corporate information contact: info@nxt-id.com
Forward-Looking Statements for Nxt-ID: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of Nxt-ID's business strategy. Nxt-ID's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; Nxt-ID's ability to implement its long range business plan for various applications of its technology; Nxt-ID's ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of Nxt-ID's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in Nxt-ID's reports filed with the Securities and Exchange Commission.
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