MasterCard Certifies OTI's 'Wave' NFC Device, Paving Way Toward Greater NFC
Adoption and a Wallet-less World
ROSH PINA, ISRAEL -- (Marketwired) -- 10/16/13 -- On Track
Innovations Ltd. (OTI) (NASDAQ: OTIV), a global leader in cashless
payment solutions based on contactless transactions and near-field
communication (NFC), has received official certification to use
MasterCard's "Mobile MasterCard PayPass - M/Chip 4" technology in
OTI's Wave, a new NFC add-on for smartphones, tablets and PC devices.
The Wave is the industry's first audio jack plug-in NFC payment
solution and the only to receive certification from a major payment
company like MasterCard. Based on OTI's patented NFC technology, the
compact Wave dongle is device agnostic, easily plugging into any
smartphone, tablet or PC, allowing users to 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.
"Receiving certification from MasterCard provides essential
validation of our technology platform and opens up significant
greenfield opportunities for our Wave solution," commented Ofer
Tziperman, OTI's CEO. "We can now begin to target large-scale
implementations with banking institutions and payment card providers,
as well as projects involving public transportation, institutional
memberships, and loyalty and rewards programs.
"As the first major player in the payment industry to certify OTI's
Wave, MasterCard provides validation of our NFC solution -- now the
payment industry's only certified NFC audio-jack add-on solution. We
expect other major payment companies to follow suit and provide
certification in the near future.
"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 MasterCard positions
us to capitalize on the major industry shift."
OTI's Wave has three key features that make it a perfect solution to
fered by banks to their clients:
-- Public Key Infrastructure (PKI): The Wave provides PKI authentication
via the add-on audio jack device. The authentication capability allows
certificate authorities and banks to ensure customer' secure access to
accounts across all devices and channels.
-- NFC: The Wave turns any smartphone, tablet or laptop into a NFC
secured payment device. It connects to the Smartphone's operating
system (OS) via the audio jack, allowing for PIN code authentication
and over the air (OTA) capabilities such as reloading electronic cash,
remote personalization, firmware updates, and new applications.
-- Java OS platform: The Wave runs on a Java OS over a secure element and
is open for third-party development.
The Wave is suitable for many applications and markets including:
mobile payments (debit, credit, e-purse), e-ticketing for
transportation and events, PKI support, loyalty and e-coupon
programs, healthcare applications and access control.
OTI's Wave can be used for electronic payment transactions even when
disconnected from a customer's device (i.e. for mass transit gates,
vending machines, etc.). When the pre-paid balance is running low,
the Wave can simply plug into a smartphone to add additional money
into the Wave's ePurse.
More information about OTI's innovative Wave is available here. Or
visit OTI's booth "4 M 092" at the CARTES 2013 exhibition on November
19-21 in Paris, France to see a demonstration of the Wave.
On Track Innovations Ltd. (OTI) is a leader in
contactless and NFC applications based on its extensive patent and IP
portfolio. OTI's field-proven innovations have been deployed around
the world to address NFC payment solutions, petroleum payment and
management, cashless parking fee collection systems and mass transit
ticketing. OTI markets and supports its solutions through a global
network of regional offices and alliances. For more information,
Safe Harbor for Forward-Looking Statements
This press release may
contain forward-looking statements within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act of
1995 and other Federal securities laws. Because such statements deal
with future events and are based on OTI's current expectations, they
are subject to various risks and uncertainties and actual results,
performance or achievements of OTI could differ materially from those
described in or implied by the statements in this press release. The
forward-looking statements contained in this press release are
subject to other risks and uncertainties, including those discussed
in the "Risk Factors" section and elsewhere in OTI's annual report on
Form 20-F for the year ended December 31, 2012 and in subsequent
filings with the Securities and Exchange Commission. Except as
otherwise required by law, OTI disclaims any intention or obligation
to update or revise any forward-looking statements, which speak only
as of the date hereof, whether as a result of new information, future
events or circumstances or otherwise.
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Chief Sales and Marketing Officer
Scott Liolios or Matt Glover
Liolios Group, Inc.
949 574 3860
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