On Track Innovations Ltd., a provider of cashless payment solutions based on contactless transactions and near-field communication, announced it has received official certification to use MasterCard's PayPass technology in OTI Wave, the company's new NFC add-on for smartphones, tablets and PC devices.

OTI said the Wave is the industry's first audio jack plug-in NFC payment solution and the only one that has received certification from a major payment company such as MasterCard. Based on OTI's patented NFC technology, the company said, the compact Wave dongle is device agnostic and plugs into any smartphone, tablet or PC.

"Receiving certification from MasterCard provides essential validation of our technology platform and opens up significant greenfield opportunities for our Wave solution," OTI CEO Ofer Tziperman said in a news release. "We can now begin to target large-scale implementations with banking institutions and payment card providers, as well as projects involving public transportation, institutional memberships and loyalty and rewards programs."

Learn more about contactless/NFC.