On Track Innovations WAVE NFC Payment Solution Adopted by Taiwanese Banking Consortium

On Track Innovations Ltd. (oti), 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, 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.”

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