On Track Innovations Ltd. is introducing a new NFC mobile payment system that enables existing mobile phones to support contactless payments.
OTI’s COPNI (Contactless Payment and NFC Insert) is an add-on to mobile phones’ SIM cards that is independent of the handset type and model, allowing a wide range of mobile phone carriers to implement the payment solution. To conduct a transaction, users need only tap their phone against a reader at the point of sale and the amount is automatically deducted from the customer’s bank account, credit card or pre-paid account.
According to OTI, COPNI supports existing contactless payment applications from major card associations, mass transit ticketing schemes with MIFARE support, loyalty programs and other proprietary programs.
OTI will display the new system at the international CARTES & IDentification 2010 conference in Paris from Dec. 7-9, booth #4 L 092.