SOURCE: On Track Innovations Ltd.

On Track Innovations Ltd.

January 20, 2015 08:31 ET

oti WAVE NFC Payment Solution Adopted by Taiwanese Banking Consortium

oti Channel Partner, Tradelink Electronic Commerce, to Deliver WAVE as Part of Major Mobile Payment Deployment in Taiwan

ROSH PINA, ISRAEL--(Marketwired - Jan 20, 2015) - On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global leader in cashless payment solutions based on contactless transactions and near-field communication (NFC) technology, has deployed its industry-leading NFC payment system to Taiwan Mobile Payment Co. (TWMP), a consortium of regional banks in Taiwan. The deployment was delivered through oti's channel partner, Tradelink Electronic Commerce (HKSE: 536.HK), a Hong Kong-based e-commerce pioneer.

oti's WAVE device was an integral part of a wider deployment by TWMP of its backend Payment Service Provider Trusted Service Manager platform. The new solution aims to reduce the large upfront costs of integrating relevant payment constituents as well as support business development initiatives in order to spur Taiwan's financial industry and economic development.

The deployment includes oti's NFC-based WAVE audio-jack plugin device for smartphones, tablets and PCs. The patented WAVE device enables banking customers to perform NFC payment transactions, effectively transforming their devices into digital wallets. It also gives banks control over the Secure Element, eliminating dependency on third-party organizations like mobile network operators. As a common cross platform add-on, WAVE enables the desired flexibility to meet the Taiwanese market needs.

Certified by MasterCard and Visa, WAVE is the industry's first audio jack plug-in NFC payment solution, and the only one to receive certification from the major card associations. WAVE connects to the device's operating system via the audio jack, allowing for PIN code authentication and Over-the-Air capabilities, including reloading cash electronically, checking balances, remote personalization, and downloading new applications.

Users can add approved credit cards, payment cards, and loyalty cards to their new digital wallets via oti's patented and secure technology. This capability allows retailers to implement real-time value-added services like loyalty programs, location-based advertisements, and promotions. 

As an additional option, WAVE can support Public Key Infrastructure for e-banking and online authentication, as well as cross border use for international travel. The easy-to-use device opens the door to a new world of mobile device applications, and increases privacy and security, while eliminating the need for a wallet full of cards.

"TWMP represents a major win for us," said Michael Wu, Tradelink's executive director and CEO, "and their adoption of the WAVE NFC payment instrument represents a growing trend. Tradelink's e-wallet with WAVE, which was first launched in Hong Kong in 2013, provides a safe and cost effective solution to support the growth of NFC payments in the Taiwanese market."

Ofri Shaysh, Asia sales manager at oti, commented: "This major launch reflects the increasing global demand for NFC payment capabilities and marks a significant milestone for oti. Major channel partners like Tradelink help us rapidly gain access to new markets and regional banking networks. We expect this large-scale deployment will serve as a model for adoption by potential customers looking to implement safe, secure and cost-effective NFC solutions."

About Tradelink Electronic Commerce Limited
Established in 1988, Tradelink Electronic Commerce Limited is the leading e-commerce services provider in Hong Kong. Since 1997, Tradelink has been providing Government Electronic trading services for the trading community. Over the years, by perfecting its infrastructure and developing services that meet users' needs, Tradelink has earned the trust and support of the trading community, enabling it to stand firmly as the dominant player in the e-commerce market. In addition to government services, Tradelink also offers a wide range of Business-to-Business services and other supply chain management solutions to help customers improve their operational efficiency. In 2000, Tradelink set up a wholly-owned subsidiary, Digi-Sign Certification Services Limited (Digi-Sign), the first and only private company granted status as a Recognized Certification Authority (CA) in Hong Kong. In 2013, Tradelink hived off Digi-Sign's non-CA related security business into a new wholly-owned subsidiary, Tradelink E-Biz Secure Solutions Limited (TESS). TESS specializes in the development and provision of online security solution business. Tradelink was listed on the Main Board of The Stock Exchange of Hong Kong Limited (Stock Code: 0536) on October 28, 2005. For more information about Tradelink, please visit www.tradelink.com.hk.

About Taiwan Mobile Payment Co.
Taiwan Mobile Payment Co. (TWMP) is a joint venture of the three Taiwanese clearing houses, (Financial Information Service Co., the National Credit Card Center of ROC and the Taiwan Clearing House) and the 32 leading banking and financial institutions in Taiwan. Set up under the auspices of the Ministry of Finance, it operates the Payment Service Provider Trusted Service Manager (PSP TSM) platform to support Taiwan's mobile payment system, covering all ATM, check and credit card transactions in Taiwan. TWMP's PSP TSM operation started in December 2014. For more information, please visit www.twmp.com.tw.

About oti
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 and other cashless 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 contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions, we are making forward-looking statements. 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. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2013, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. 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 or otherwise. The content of the web site links in the press release do not form part of it.

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