OTIs new COPNI Wave (Contactless Payment and NFC Insert) version is a plug-in mobile payment solution that allows issuers to provide an NFC accessory to enable mobile payments without the need to open or install anything in the phone itself. COPNI Wave was developed as an add-on to mobile phones that plugs into a devices existing headphone jack so consumers can use it to make payments.
Mobile devices equipped with COPNI Wave can be used in payment applications by inserting the device in the headphone jack and installing an app. When ready to make a purchase, the user taps the phone on a contactless reader. Payment options previously configured by the consumer and the business are automatically confirmed and deducted from consumers bank accounts, credit cards or pre-paid accounts. COPNI Wave is device agnostic, enabling consumers to turn their phones into mobile wallets.
On Track Innovations designs, develops and markets secure identification, payment and transaction processing technologies and services for use in secure ID, payment and loyalty applications based on its patent and IP portfolio.
In June 2012, On Track Innovations has been awarded two patents for NFC payments.
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