Santa Cruz Tech Beat

Companies

Edge Mobile Payments announces NFC ring and patent application filing

(Contributed)

August 21, 2018 — San Francisco, CA

[Editor’s note: EDGE, previously headquartered in Santa Cruz, is moving their corporate headquarters to San Francisco. EDGE continues to maintain a local office in Santa Cruz.]

Edge Mobile Payments, LLC (“Edge”), a San Francisco based Fintech startup today announced that it will be adding an NFC ring payment device to its product line. The ring is supported by a patent application, originating from its recently-acquired Nexus IP assets and is positioned to be one of the earliest in the NFC wearable payments space. This patent application is one of several divisional filings tying back to the Nexus 2005 patent portfolio relating to wearables. Edge will be applying for additional divisional patents in the months to come, positioning Edge as a leader in wearable NFC payment intellectual property.

The Edge Ring:

  • Will extend the reach of Edge’s Digital Banking Platform
  • Will enable contactless NFC payments
  • Will accelerate growth in the wearables payments market: Worldwide shipments of wearable devices will reach 132.9 million this year. Shipments will total 219.4 million in 2022, for a 13.4% average annual growth rate, according to IDC.

The Edge Ring is a newly filed US Divisional Patent Application, Serial Number 15/985,225 which claims priority to the first Nexus Payments Cloud Wallet Patent Portfolio filed on February 2nd, 2005. “This patent application contains significant claims for wearable payment technology supported by disclosures made in our Nexus Portfolio. Our 2005 priority date is significantly earlier than other patents currently being licensed in this area.”, said Mark Boys VP of Intellectual Property for Edge.

The Edge Ring will be added to Edge’s growing body of payment devices designed to give consumers a commerce experience that fits their lifestyle. “The ring represents a new form factor that will make NFC payments possible even when a consumer is without their smartphone. Our goal is to build out a comprehensive digital banking platform with multiple connected payment devices that will give our customers options for how they make payments and how they interact with their finances – making transactions easy, fast and safe.”, said Peter Garrett, CEO of Edge.

The Edge Ring is a feature-rich product that will support a diversity of applications including payments, reward programs and multi-factor authentication.

All the Edge Mobile Payments products, including the Edge Card, are designed to work with the EdgePay Digital Banking Platform – providing customers with full digital banking features such as: P2P money transfers, mobile check deposits, budgeting, investing and conversion of crypto currency to spendable fiat.

“Beyond making and selling our own Edge NFC rings, we’re also launching our private label and IP licensing division, aimed at developing new B2B partnerships and new sales channels”, said Paz Rheinstein, President of Edge.

Edge Mobile Payments has now initiated its seed round financing in anticipation of a market launch in the first half of 2019.

About EDGE Mobile Payments
EDGE Mobile Payments LLC founded in 2017, is a San Francisco CA based Digital Banking Fintech Company dedicated to expanding mobile financial transactions and enriching user experience with its new payment devices and digital banking platform. http://www.edgemobilepayments.com

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