The new pilot program uses OTI's WAVE, a small device that plug into the headphone jack of any smartphone, along with ABnote's secure provision and mobile wallet. WAVE uses NFC to make mobile payments with a "wave" similar to Apple's (AAPL) Apple Pay and Google's (GOOGL) Google Wallet.
"The recent launch of Apple Pay using NFC reaffirms the superiority and power of this technology for secured payment transactions," oti America president Gonen Ziv said in a statement. "Our WAVE device enables financial institutions to easily offer a convenient secure payment solution that enhances the customer experience while increasing security, and particularly avoiding the costly fallout from hackers stealing credit card numbers generated by magnetic strips."
TheStreet Ratings team rates ON TRACK INNOVATIONS as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate ON TRACK INNOVATIONS (OTIV) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The area that we feel has been the company's primary weakness has been its feeble growth in its earnings per share."