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Technology Stocks : On Track Innovations Ltd. (OTIV)
OTIV 1.03+9.3%Dec 15 8:10 PM ESTNews

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From: JakeStraw2/5/2014 11:43:17 AM
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OTI Receives Visa® Certification for its 'WAVE' NFC Device
finance.yahoo.com

WAVE Helps to NFC-Enable any Smartphone in a Secured Way

The OTI WAVE is the industry’s first audio jack plug-in NFC payment solution and the only one to receive certification from major payment companies including Visa® and MasterCard®. Based on OTI’s patented NFC technology, the compact OTI WAVE is device agnostic, easily plugging into any smartphone, tablet or PC. Users pay with their device while enjoying real-time benefits from loyalty programs and other incentives as delivered by the corresponding application. It opens up a whole new world of mobile device applications, while alleviating the burden of a wallet full of credit cards.

The compliance recognition from Visa® indicates the OTI WAVE is approved for issuance anywhere in the world, and that the OTI WAVE met certain operational characteristics, including the Visa Mobile Contactless Payment Specification and EMVCo’s Contactless Communication Protocol Specification.

“With the certification from two of the world’s largest payment networks -- Visa® and MasterCard® -- our WAVE technology platform is poised for large-scale implementations with banks, payment card providers, public transportation projects, loyalty and rewards programs and more,” said Ofer Tziperman, OTI's CEO.

"OTI joins a small, elite group of vendors that have passed the long and rigorous certification process with Visa®. This certification will help solidify the market’s endorsement of the WAVE solution,” added Tziperman.

“With NFC-enabled applications expected to grow at a 35% CAGR to $34.5 billion by 2016, it’s clear the payment industry is rapidly adopting NFC technology. NFC is becoming increasingly recognized as the fastest, most efficient, most versatile and secured method for payment transactions, and this certification by Visa® positions us to capitalize on the major industry shift.”
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