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 COPNI™ (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."
COPNI supports existing contactless payment applications from major card associations, mass transit ticketing (with MIFARE support) as well as loyalty programs and other proprietary programs. Potential applications include:
- Mass transit ticketing - instead of presenting cash or swiping a card at the turnstile, consumers just tap their phone near a contactless reader to proceed through the turnstile
- Information retrieval – gives consumers the ability to view the current balance of their mobile wallet, and also allows their mobile handsets to receive and instantly download information from their surroundings (retail store, museum, etc.)
- E-coupons - coupons downloaded to their wireless phone can be redeemed in retail stores at checkout
Editor's Note: An image of OTI's new mobile payment solution is available online at http://www.otiglobal.com/Form_Factors
About OTI
Established in 1990, OTI (Nasdaq:OTIV) designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for petroleum payment systems, homeland security solutions, electronic passports and IDs, payments, mass transit ticketing, parking, loyalty programs and secure campuses. OTI has a global network of regional offices to market and support its products. The company was awarded the Frost & Sullivan 2005 and 2006 Company of the Year Award in the field of smart cards.
For more information on OTI, visit www.otiglobal.com, the content of which is not part of this press release.
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Safe Harbor for Forward-Looking Statements:
This press release may contain forward-looking statements within the meaning of the "safe harbor" provisions 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. For example, forward-looking statements include statements regarding our products, goals, beliefs, future growth strategies, objectives, plans, current expectation. For example, we are using forward looking statements when we discuss our new mobile payment system [COPNI], the shift in the industry we expect to happen as a result of the COPNI's introduction, the benefits COPNI provides to consumers, mobile operators and financial institutes/issuers and its potential applications. Forward-looking statements could be impacted by market acceptance of new and existing products and our ability to execute production on orders, as well as the other risk factors discussed in OTI's Annual Report on Form 20-F for the year ended December 31, 2009, which is on file with the Securities and Exchange Commission. Although OTI believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its 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.
CONTACT: On Track Innovations Ltd. Galit Mendelson, Vice President of Corporate Relations 732 429 1900 ext. 111 galit@otiglobal.com MS-IR LLC Investor Relations: Miri Segal 917-607-8654 msegal@ms-ir.com Feintuch Communications Media Relations: Herman Chin 212-808-4942 Christa Conte 212-808-4902 oti@feintuchpr.com