NXT-ID Inc (NASDAQ:NXTD) is a company which focuses on developing payment solutions and Internet of Things (IoT) applications. For those who don’t know, IoT is the connecting of computing devices found in objects (like a cell phone chip) through the Internet so that those devices can send and receive information.
Recently, NXT-ID has been making a lot of moves through its wholly owned subsidiary Fit Pay, Inc. At the beginning of the month, it was announced that FitPay technology would enable Garmin International, Inc.’s (NASDAQ:GRMN) Garmin Pay to work for purchases made with Visa cards (credit or debit). Visa cardholders could then tap and pay for items easily at all near-field communication-enabled POS terminals and ATMs. This was a big step for the company, as it grew NXT-ID’s influence in the market, allowing Garmin Pay to be more readily accessible across the world.
Now, NXT-ID has taken another step, and it’s paying off in the form of a 93% increase in its stock. NXT-ID announced today that Fit Pay would be working with Cascade FinTech to incorporate cryptocurrencies into its easy-pay platform. The result? NXT-ID stock reaches $3.52, at the time of writing, which is a 93% (+$1.70) increase from its previous close of $1.82.
This development will work similarly to the one with Visa (NYSE:V). Only this time, instead of paying for their purchases with money, consumers will be able to pay with digital currencies. People are excited about this move, as is evidenced by the growth that NXT-ID is already seeing since it made its announcement.
Michael Orlando, the COO of NXT-ID and President of Fit Pay, explained the reasoning behind the company’s decision, “As cryptocurrencies increase in value and distribution, the need to create new methods to monetize their value and enabling models for acceptance is the critical last mile. Our development effort with Cascade seeks to connect cryptocurrencies to the payment ecosystem as a natural extension of FitPay's platform. It will give cryptocurrency holders the opportunity to effortlessly use their value to make purchases every day, just as they would use a credit or debit card, and transform the way people pay.”
Both Orlando and Spencer Schmerling, the CEO and founder of Cascade FinTech, emphasize the growing importance that cryptocurrencies are having on the market, and the need, which is so far not met, to be able to use the value of cryptocurrencies in order to buy goods and services. NXT-ID and Cascade plan to be the first to fill that need.
FitPay is already being accepted by several financial providers on a growing number of devices. Just yesterday it was announced that those with a credit card from the Australia and New Zealand Banking Group will be able to use FitPay for their purchases. Now that FitPay makes it possible to pay with a digital currency, there’s no telling how many more creditors may start signing up with the service - and the bigger this gets, the more NXT-ID is going to grow.
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