Israeli vendor On Track Innovations (OTI) says a consortium of banks in Hong Kong, Taiwan and Macao has signed for its Wave device, which plugs into the audio-jacks of smartphones, enabling them to make NFC payments.
The patented Wave device enables bank customers whose mobile devices do not have built-in NFC technology to perform contactless payment transactions, while also giving the banks control over the secure element, eliminating their dependency on third parties such as telcos.
Recently certified by MasterCard, the device connects to the handset's operating system via the audio jack, allowing for PIN code authentication and over-the-air capabilities such as reloading cash electronically and checking available balances.
Bank customers can add approved cards to their digital wallets via OTI's technology, allowing retailers to implement real-time value-added services like loyalty programs, location based advertisements and promotions.
OTI is not revealing which banks have signed for Wave devices or how many are being shipped but says that the deployment is through its new channel partner in the region, Hong-Kong-based e-commerce firm Tradelink Electronic Commerce.
Ofer Tziperman, CEO, OTI, says: "Major channel partners like Tradelink help us rapidly gain access to new markets and regional banking networks. We expect this new large-scale deployment will serve as a model for adoption by potential customers looking to implement safe, secure and cost-effective NFC solutions."