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