NXT-ID Inc. (NASDAQ:NXTD) has announced that it has signed an agreement with institutional investors for purchasing shares worth approximately $7 million of common stock in a registered entity. The deal is expected to cost $4 a share and company has anticipated that it will issue 1.75 million common shares approximately after closing.
The security technology firm is going to use the funds to clear its debt and to fund its newly launched Crypto Currency exchange project. For the offering, Aegis Capital Corp. and Maxim Group LLC are going to be the lead placement and the co-placement agents, respectively.
Contactless Payment Network by NXT-ID
With the contactless payment market anticipated to be worth $2.23 trillion by 2025, NXT-ID Inc. subsidiary FitPay Inc. has forayed into this area. FitPay has signed a deal with Australia and New Zealand Banking Group Limited (ANZBY) to offer its contactless payment platform to the latter’s cardholders.
This means that the ANZ cardholders will be able to use the contactless payment option with all wearable gadgets that are compatible with the FitPay payment system. This is good news as according to MasterCard, out of every 5 Australians, 4 are making contactless payments every week.
Australian High On Contactless Payment
The MasterCard survey also found that Australians were likely to avoid making purchases if the company failed to offer an easy contactless payment option. According to Michael Orlando the COO of NXT-ID Inc and also President at FitPay, the deal with the leading financial institutions in Australia to make hassle-free contactless payment is indeed great news.
He said that Australians were highly tech-savvy and the FitPay platform is going to make it even better for them to make contactless payment on a wide range of wearable devices. The contactless payment is the future and it is soon going to invade the world, as per surveys by technology giants.
NXT-ID Inc has been working towards providing security services in the mobile sector with innovative IoT applications and payment solutions including Mobile Bio, Wocket, Flye and many others that are already being used globally. The company is currently focusing on making contactless payments frictionless and accessible on a wider scale.