Mobile payment platforms and digital currencies have an immense potential to suit consumer spending as a wide range of technology developments and digital products are introduced into the market.
With improved technology and products introduced to consumers recently NXT-ID, Inc., Apple Inc., Google Inc., PayPal Holdings Inc., Visa Inc. and American Express Company continue to be the biggest players in the digital payments sector.
NXT-ID, Inc., a biometric authentication company focused on the growing mobile commerce market, recently announced it has filed a provisional patent for an electronic crypto-currency payment management method and system.
The new development highlights a method to advance crypto-currencies into the consumer market of payment technology by introducing a common, uniform way to manage all payments.
This new technology uses a local, Blockchain to synchronize transactions and balance validation to enable both online purchases as well as brick and mortar retail store transactions from a local smart wallet device at faster rates. It also manages multiple traditional financial accounts and cryptocurrency accounts including initiating transfers, currency exchanges, submitting payments, and receiving payments.
NXT-ID looks to usher Bitcoin and other cryptocurrencies into the mainstream payments industry and Wocket is the beginning of that push for consumer-friendly crypto-wallets.
NXT-ID Chief Technology Officer David Tunnel declared:
“What’s unique about this patent is that it introduces what we believe is the first payment experience that makes crypto-currency uniform across all payment transactions and payment methods, which is a chief inhibitor to wide scale acceptance of crypto-currencies like Bitcoin. This technology enables Bitcoin to be used across multiple payment mediums including magnetic stripe, NFC, and other emerging payment methods”.
PayPal may be the biggest player in the digital payments space, but the new partnership in the industry shows it is not the favorite of the big credit card networks. Digital payments startup Stripe recently announced that it had raised a new round of funding from investors such as Visa and American Express valuing the company at $5 billion. On top of that funding, Stripe said it will be partnering with Visa to further improve payments.
All these big financial movements come to prove that digital currencies have finally been accepted; now, it’s just a matter of time to go mainstream.