Technology Stocks : On Track Innovations Ltd. (OTIV)
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From: JakeStraw11/13/2013 8:57:15 AM
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OTI Deploys NFC Payment Solutions to a Consortium of Banks in Hong Kong, Taiwan and Macao

New Channel Partner, Tradelink, to Deliver OTI's NFC 'WAVE' Devices as Part of Major Deployment

The deployment includes OTI's NFC newly introduced WAVE audio-jack add-on device for smartphones, tablets and PCs. The patented WAVE device enables banking customers whose mobile devices do not have built-in NFC technology to perform contactless payment transactions, effectively transforming their devices into digital wallets. It also gives banks control over the Secure Element, eliminating dependency on third party organizations like Mobile Network Operators.

Recently certified by MasterCard, the WAVE is the industry's first audio jack plug-in NFC payment solution, and the first and only to receive certification from a major payment processor. The WAVE connects to the device's operating system via the audio jack, allowing for PIN code authentication and Over-the-Air (OTA) capabilities such as reloading cash electronically, checking available balances, remote personalization and downloading new applications.

Users can add approved credit cards, payment cards and loyalty cards to their new digital wallets via OTI's patented secure technology, allowing retailers to implement real-time value-added services like loyalty programs, location based advertisements and promotions.

As an additional option, the WAVE can also support Public Key Infrastructure (PKI) for e-banking and on-line authentication, as well as cross border use during international travel. The easy-to-use device opens the door to a whole new world of mobile device applications, increasing privacy and security while removing the burden of a wallet full of cards.
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