NXT-ID Develops New Magnetic Stripe Technology for Wireless Payments
NXT-ID, a company specializing in biometric authentication technology, unveiled a new patent designed to boost the performance of wireless payments systems.
The patent uses miniature antenna modules for a range of transaction-related features, such as RF and magnetic stripe communications, energy transfer and charging, and wireless magnetic capabilities.
“What’s really exciting about this technology is that these miniature antenna modules are small and efficient enough to fit within a wide variety of mobile and wearable applications, but powerful enough to transmit wirelessly to the most prevalent point of sale system still in use today – magnetic stripe readers,” mentioned David Tunnell, Chief Technology Officer at NXT-ID.
“We were pleasantly surprised to discover that our existing antenna designs for our Wocket Card are not only small enough to fit into ultra-thin powered devices, but can also be optimized to transmit wirelessly.”
The small stripe is ideal for next generation wearables such as smart watches and wallets, as well as mobile, handheld devices. NXT-ID also plans to apply the module to its own product, the Wocket Smart Wallet.
Using the antenna works the same way as traditional magnetic stripe readers, requiring a user to point an activated device within a few inches from a NFC-enabled terminal.
Strong data transmission from the module can increase the success rates of wireless transactions. Furthermore, the new method uses less power, compared to today’s mobile hardware standards.
“This is a potential game changer to the mobile payments industry,” said Gino Pereira, CEO of NXT-ID.
“We are extremely excited to introduce this potentially disruptive technology as the next step in our evolution, after we complete our Wocket Smart Wallet delivery program this spring. This new method of wireless payment technology has a power consumption so low it brings wireless payments to virtually any mobile or wearable application.”