This article explains how to replace or update Velocity License on Devices/Handhelds.
If Velocity License has already been set earlier, go into settings (Android) and clear the data for Velocity, this will reset all the permissions.
After that, key in the new Velocity License.
Clear the original Velocity License
Android > Settings > Apps / Application Manager > Velocity > Storage > "Clear Data"
Add the new Velocity License
Launch Velocity > Click on "Host Profiles" > Add License