A Shelton-based company plans to begin selling a tiny, pocket-sized electronic “vault” in late May. The Wocket is being promoted as “a super-smart wallet” by NXT-ID Inc.
It is essentially an e-wallet that stores credit card information, which then can be used when making transactions rather that presenting the actual credit card.
The device can be used for the various payment methods now used for point-of-sale transactions at retailers, such as magnetic stripe, barcode (Europay, MasterCard, Visa/Near Field Communication) and barcode.
According to the company’s publicity material, the Wocket will easily fit in a pocket or purse and “biometrically” seal credit card data inside, with only an authenticated owner’s voice being authorized to access and unlock it.
NXT-ID, based on Research Drive in Shelton, has a patent pending for the Wocket.
Thinner wallets, less ID theft
The company says the Wocket will allow people to keep fewer physical credit cards in their wallet, making their wallet thinner, and cut down on problems with identity theft.
“All payment cards and other dynamic stripe cards are swiped directly into the Wocket during the initial set-up process,” says the company. “Barcodes and text, such as voter registration, loyalty and/or membership cards, may all be scanned or entered into the Wocket.
“All information is encrypted by the owner’s personal biometric stamp and can be accessed via a low power touch screen or, optionally, a voice command,” says the company.
A combination of biometrics, personal PIN or pattern provides multi-factor security for the Wocket, according to the company.
“Once the device verifies its owner’s identity, simply select whatever soft-card or information from the touch screen display,” says the company. “Up to 10,000 cards, records, coupons, etc., and up to 100 voice commands, can be stored in Wocket. More can be supported with optional additional memory.”
Functions separate from smartphone
“We are posturing Wocket as the evolution of smart in wallets,” said Gino Pereira, CEO of NXT-ID, insisting the product is different from those offered by competitors.
“We have many unique product features, with one of the key differences being that Wocket is functionally separate from your smartphone,” Pereira said.
The company plans to market the product with the slogan, “Lock it With Wocket in Your Pocket.”
For more information go to www.nxt-id.com/wocket-faq.
The founders of NXT-ID were part of the senior management teams at Technest Holdings Inc., and its subsidiary, Genex Technologies.
Founded in 1995, Genex specializes in advanced imaging, including 3D and 360-degree technologies, selling products such as 3D cameras, surveillance algorithms and integrated facial recognition systems.
NXT-ID has licensed all the Technest/Genex technology (exclusively in many markets) and also has licensed patents and know-how from Geometrix Inc., a 3D imaging company using a different technical approach than Technest.
This includes technology used at the Face Recognition Vendor Test conducted by the National Institute of Science and Technology, which is a federal government agency.