NXT-ID Inc. Ticks Down As Samsung Buys Competitor

NXT-ID Inc.

ticked down Thursday after Korean electronics giant Samsung Electronics Ltd.

said it would acquire a competing company for undisclosed terms. Shelton, Connecticut-based NXT traded recently at $2.61 a share, down $0.04 cents. NXT, a development-stage company which so far hasn't posted any revenue, expects to launch its so-called smart wallet product dubbed the Wocket in 2015, although it previously expected a May 2014 launch date. Samsung said Wednesday it acquired the privately held Burlington Massachusetts mobile payments company LoopPay for undisclosed terms. Both LoopPay's wallet product and Wocket appear similar in that both devices store credit card information and operate using currently standard retail point-of-sale terminals. ApplePay, launched late last year, requires a dedicated near-field communications technology that retailers must actively support. In November, NXT said it expected to start deliveries of Wocket in late 2014. But the company's Web site on Thursday said pre-orders had been closed and no launch date was specified. Among competitors NXT last year listed Google Wallet Square wallet, PayPal, Isis, Lemon Wallet and Apple. NXT has focused on the mobile commerce market with Wocket but expects its biometric facial and voice recognition will find applications in law enforcement and security.