US manufacturing could drive adoption of the Wocket wallet
NXT-ID, the creator of Wocket, the digitised physical replacement for traditional wallets, has announced that it will manufacture in the US at a time when “most tech companies [are] manufacturing overseas for reasons of economy”.
“We believe some of the highest quality products in the world are made in the USA. We hope to create a win-win situation where we can offer consumers superior products and help to create jobs in the local economy,” Gino Pereira, CEO of NXT-ID said.
The wallet, which operates without any smartphone involvement, uses dynamic pairing: a patent-pending method where two devices dynamically generate pseudorandom pairing codes recognised by other devices. Users swipe their cards directly into the wallet during the initial set-up process. Barcodes and text may be scanned or entered into the wallet as well. The Wocket uses standard magnetic stripe technology on its reprogrammable card; no additional hardware at the retailer level is required.
The physical wallet can store 10,000 entries including information from credit, debit, ATM, loyalty, gift, ID, membership, insurance, ticket, emergency, medical, business, contacts and coupons. A strong selling point may be the realisation that if the rest of the industry moves forward with smartphone-based payments, a phone’s battery life will have a large say in whether or not users will be able to complete a desired payment transaction.
The announcement that the device will be made in the US and will create jobs could contribute to a gain in early adopters when it goes on sale later this year.
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