Shalom Life | July 01, 2014

Startup Club: On-Track Solutions

The Israeli company known for its NFC technology is making waves now that Apple 6 will introduce a new pay system

By: Caitlin Marceau

Published: September 19th, 2014 in Business » Israel

Over the past few decades, a growing number of small businesses involved in various industries have popped up around the world meeting the needs of an ever-growing, ever-changing market.

Jewish businessmen and innovators continue to excel throughout these industries, displaying their prowess as creative, forward-thinking entrepreneurs, and tapping into continuously developing markets with ‘startup’ companies.

In a bid to recognize these decorated entrepreneurs for their ongoing contributions and advancements to these fields, Shalom Life is pleased to present: Startup Club, highlighting the best and the brightest of Jewish entrepreneurs who continue to provide our community with new, influential and innovative ideas that will forever change the way we interact with the world, and with one another.

Follow our lead and we’ll follow yours – send us tips or suggestions via email, comment below or tweet us @ShalomLife, in our mission to celebrate the most visionary of Jewish entrepreneurs.

Check out last week’s inductee into the Club here.

Business: On-Track Solutions

Base of Operations: Rosh Pina, Israel

Industry: Technology

Founded: 1990

Founded in 1990, On-Track Solutions (oti) is making waves in light of the fast approaching Apple 6 iPhone launch. One of new features of the phone that has everyone’s attention is the new Apple Pay system. Unlike other iPhones, the iPhone 6 will have NFC (near-field communication) technology built into it, allowing users to pay for products wirelessly and without having to carry around a George Costanza-esque bulky wallet to do so.

Despite most Android phones having carried NFC technology for years, and the Android Wallet app, the trend of digitizing people’s wallets has yet to firmly catch on. Most people still prefer using cards or cash due to security reasons than using their phone to pay. However Apple is looking to change all that and their choice to update their phone’s capabilities have caught people’s attention, including that of oti.

One reason people believe Apple’s announcement has cause such a stir is because they’ve already signed on clients to accept Apple Pay in the United States, claims The Times Of Israel. According to their report, chains such as Starbucks, Sephora, McDonalds, and even Bloomingdales have signed on with Apple’s product launch. Although NFC has been around for a while, it would seem that Apple’s the ones making it popular (something they did for music that the Windows Zune never could).

On-Track Solutions have been around for almost 25 years, being masters and pioneers of near-field communication technology, but with Apple renovating its phones and adding to their capabilities oti has a chance to capitalize big on this software change for older iPhone users. The company has developed a tool called the oti WAVE, which can be added to any smartphone via the audio jack. All users need to do is plug the dongle into any audio jack on compatible phone, and that endows them with the NFC technology needed to use their mobile wallet. The WAVE will allow users waiting to upgrade their iPhones to still have access to Apple Pay, which will also allow oti to capitalize on Apple’s upgraded technology.

The WAVE can also operate without a phone, or so claims oti on their website. According to the company, the WAVE can store mobile wallet data on the dongle, allowing you to carry in on a keychain with your keys and, technically, removing even the bulky phone from the NFC payment technology. Although the WAVE was designed with a phone in mind, this may be an aspect that pacifies people who worry that, should their phone be stolen, their wallet will be too.

The Times Of Israel reports that shares for oti jumped 75% on the NASDAQ after Apple announced the Apple Pay capabilities the new iPhone 6 was going to have. Although oti is a global provider of NFC, and has been such for years, it was Apple’s announcement that raised the sudden interest in the company as people realized the potential of On-Track Solutions’ technology. We expect that as the iPhone 6 launch approaches, shares will continue to rise in oti.

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