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Technology Stocks : On Track Innovations Ltd. (OTIV)
OTIV 0.94-4.4%Dec 14 5:20 PM ESTNews

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From: JakeStraw9/10/2014 9:47:19 AM
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oti Offers Unique NFC and Cashless Payment Solutions for Earlier-Generation Apple iPhones
finance.yahoo.com

On Track Innovations Ltd., a global provider of near field communication (NFC) and cashless payment solutions, is piloting its new WAVE and NFC Insert mobile add-on devices with several banks and mobile network operators as the ideal way to add NFC payment capabilities to Apple iPhone 4, 4s, 5, 5s and iPad devices.

Using the oti WAVE solution, card issuers, handset original equipment manufacturers, and mobile operators are able to offer NFC-enabled mobile payment solutions to new and existing iPhone models.

The secure element of oti's WAVE device connects to a Smartphone's operating system via the audio jack, allowing PIN code authentication and secure over-the-air (OTA) provisioning capabilities, including loading of card data, reloading electronic cash, remote personalization, firmware updates, and the ability to add new secure applets.

WAVE runs on a Java-based software over a secure element and provides open application interfaces (API) for third-party development. It supports multi-applications for payment, credit, debit and pre-paid cards, loyalty, healthcare, access control and security, all on the same device. WAVE can also work independently from the iPhone for making quick payments like at mass transit turnstiles. WAVE is currently commercially deployed at various global financial institutions, and is in pilot deployments with mobile operators and mass transit providers.

oti's NFC Insert is another off-the-shelf NFC-enablement solution comprised of a thin film NFC antenna that connects to the iPhone operating system via the SIM card. The antenna folds onto the backside of the iPhone where it is protected by any standard case. Several mobile operators around the world are currently piloting this cleverly unobtrusive NFC add-on.

"With the launch of Apple's iPhone 6, the oti WAVE becomes the leading cost-effective solution for existing iPhone and iPad models that enables secure NFC payment transactions," said oti's CEO, Ofer Tziperman. "Apple's adoption of NFC technology is a strong validation of our long-term vision and investment in NFC technology, as well as that of our partners and business customers."

"We expect Apple's NFC-equipped iPhone 6 and Apple Watch will drive stronger demand for our NFC readers in the unattended and self-service market," continued Tziperman. "We remain ideally positioned in this growing market with the most comprehensive and cost-effective solutions, which are certified by all major payment card associations."
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