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
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
"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
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 M-commerce applications.
- 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 control.
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.
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
On Track Innovations Ltd.
Alan Ryan, 508-475-0025 ext. 116
Scott Liolios or Matt Glover, 949-574-3860
Liolios Group, Inc.