OTI Receives Visa® Certification for its 'WAVE' NFC Device
WAVE Helps to NFC-Enable any Smartphone in a Secured Way
ROSH PINA, Israel -- February 5, 2014
On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global leader in highly
secure cashless payment solutions based on contactless transactions and
near-field communication (NFC), announced today its OTI WAVE technology has
been certified for inclusion in Visa^®’s Compliant Products List. The OTI WAVE
is an NFC add-on for smartphones, tablets and PCs.
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.”
OTI’s WAVE has three key features that make it a perfect solution to be
offered by enterprises to their clients:
*Public Key Infrastructure (PKI): The OTI 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. This is ideal for secured
*NFC: The OTI WAVE turns any smartphone, tablet or laptop into an
NFC-secured payment device. The on-board secure element of the WAVE
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 OTI WAVE runs on a Java OS over a secure element and
is open for third-party development.
The OTI 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
OTI’s WAVE can be used for electronic payment transactions even when
disconnected from a customer’s device (e.g. for mass transit gates, vending
machines, etc.). When the pre-paid balance is running low, the OTI WAVE can
simply plug into a smartphone to add additional money into its ePurse.
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, visit www.otiglobal.com.
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
On Track Innovations Ltd.
Alan Ryan, 508-475-0025 ext. 116
Scott Liolios or Matt Glover, 949-574-3860
Liolios Group, Inc.
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