On Track Innovations announced on Wednesday that its OTI WAVE technology, an NFC add-on for mobile devices, received certification by Visa.
OTI WAVE, based on the company’s patented NFC technology, is the first audio jack plug-in NFC payment solution. It allows users to pay with their device and to receive loyalty program benefits and other incentives delivered by a corresponding app.
Certification from Visa means OTI WAVE met certain requirements and operational characteristics, such as 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,” OTI CEO Ofer Tziperman said. “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.”
OTI WAVE features public key infrastructure authentication, allowing certification authorities and banks to secure consumer access, and its operation on a Java OS allows for third-party development. It also turns any smartphone device, tablet or laptop into an NFC-secured payment device.
“With NFC-enabled applications expected to grow at a 35 percent CAGR to $34.5 billion by 2016, it’s clear the payment industry is rapidly adopting NFC technology,” Tziperman said. “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.”