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TheStreet Open House

OTI Introduces Easy To Implement Contactless Mobile Payment Product And Near Field Communication Functionality On Wide Range Of Current Handsets

  • OTI is Already in Advanced Discussions With Several Mobile Operators
  • The Product Represents a Power Shift in the Industry, Providing Mobile Operators and Financial Issuers  Flexibility and Quick Time-to-Market Solution

ISELIN, N.J., Dec. 6, 2010 (GLOBE NEWSWIRE) -- On Track Innovations Ltd., (OTI) (Nasdaq:OTIV), a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, eID Systems and other applications, is introducing a new mobile payment system which enables existing mobile phones to support Near Field Communication (NFC) functionality and contactless payments. OTI is already in advanced discussions with several mobile operators.

OTI's COPNIā„¢ (Contactless Payment and NFC Insert) brings innovation, creativity and unique know-how to this market with a true post-market mobile payment solution for mobile operators, banks, merchants and subscribers. COPNI is an add-on to mobile phones' SIM cards with a flexible antenna and is based on OTI's intellectual property and patents. The mobile payment system is independent of the handset type and model, and enables users to have one device that is both a mobile phone and a mobile wallet. It is compatible with carriers' current infrastructure.

Mobile phones equipped with COPNI can be used in a broad range of payment applications simply by tapping the phone near a contactless reader. Payments are automatically confirmed and deducted from consumers' bank accounts, credit cards or pre-paid accounts.

The system will be shown at the international CARTES & IDentification 2010 conference (booth #4 L 092) being held in Paris from Dec. 7-9.

"OTI's new mobile payment system will allow consumers to easily add NFC functionality to their current mobile phone," said Oded Bashan, chairman and CEO, OTI. "Our patented technology provides mobile operators and financial institutions/issuers with a quick-to-market NFC solution using the existing infrastructure. It offers them a way to get into the mobile payment market while expanding their customer base and generating increased revenues."

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