On Track Innovations has introduced their new mobile payment system which enables existing mobile phones to support Near Field Communication (NFC) functionality and contactless payments.

The company’s Contactless Payment and NFC Insert (COPNI)  is an add-on to mobile phones’ SIM cards with a flexible antenna. The mobile payment system is independent of the handset type and model, and lets users 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.

“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. According to the company, 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

Source: GlobeNewsWire