NEW YORK (TheStreet) -- Next-ID's (NXTD) new Wocket is the world's first electronic smart wallet. It's designed to replace all the cards you currently carry. Both the concept and the actual system are quite ingenious.
Wocket is not just a software system but a leather-wrapped, hardware device that you program to hold all of your credit, ATM, loyalty, membership and ID card information so you can stash all of your physical cards in your desk at home. There are optional accessories that will let you carry cash if you need to.
When you want to use one of your pre-programmed cards, Wocket instantly writes the necessary information onto its own, special plastic card. When the transaction is complete the Wocket card automatically "zeroes-out" all stored information. The only permanent info a Wocket card contains is your name embossed on the front and a photo of your signature on the back.
The entire system is completely self-contained. That means you don't have to connect Wocket to a smartphone, tablet or computer to make it work, but you can use an app (available for Apple (AAPL) iOS, Google (GOOG) Android smartphones, and also laptops) to help with backup and wallet software upgrades. The small Wocket device is protected by the company's patented encryption chip and its pincode/voice-recognition software system.
NXT-ID claims your Wocket is biometrically locked to you, and only you can retrieve your personal information. The company says it can't always protect your card from being skimmed by bad guys, but Wocket's built-in security features are said to make the card worthless to anyone else.
The Wocket Website boasts that its current partners include Visa (V), MasterCard (MA), Discover (DFS), American Express (AXP) and Bitcoin.