On Track Innovations (OTI) has recently introduced an add-on for smartphones, which allows its users to complete NFC payments. The COPNI Wave add-on, is a plug-in used on the phone’s headphone jack and is the first of its kind. While the add-on uses the headphone jack, it still allows user to listen to their music at the same time.
OTI wants to enable users to carry out NFC mobile payments without the need to upgrade to an NFC-enabled phone. Many NFC mobile device solutions require the technology to be built into a device’s hardware, which most existing phone models do not offer. Mobile devices equipped with COPNI Wave, however, can be used in a broad range of payment applications simply by inserting the device in the headphone jack and installing an app. When ready to make a purchase, the user simply taps the phone on a contactless reader. Payment options previously configured by the consumer and the business are automatically confirmed and deducted from consumers’ bank accounts, credit cards or pre-paid accounts.
While the solution is targeted at existing existing contactless payment applications from major credit card associations, mass transit ticketing as well as retail loyalty programs it has the potential to be used for transportation, information retrieval and digital coupons.
