On Track Innovations Ltd. (oti), a provider of near field communication and cashless payment products, has announced a new countertop version of its TRIO reader, a modular payment device that supports three cashless transaction methods (contact, magnetic stripe and contactless).

According to the company, the new TRIO Countertop is designed to address the fast growing market for EMV-compliant cashless payment readers.

TRIO Countertop allows millions of merchants and payment processors to preserve their substantial investment in their legacy POS card readers while achieving compliance with EMV, the company said. Rather than expending capital and human resources on installing new compliant terminals, TRIO Countertop allows merchants to quickly and easily upgrade their existing POS terminals to accept contact EMV chip cards as well as NFC mobile payments solutions like Apple Pay.

"Because of the looming credit card associations mandate that shifts fraud liability to merchants operators of these legacy systems, we are seeing increasing demand by merchants looking for a more affordable way to meet the new EMV requirements," said Ofer Tziperman, CEO of oti. "There is also a growing popular demand that merchants accept Apple Pay. Our TRIO Countertop solution enables merchants to accept EMV cards and NFC mobile payments with minimal upgrade costs or downtime."