Dive Brief:
- On Track Innovations (oti) is introducing a new version of its TRIO reader that will support contact, magnetic stripe, and contactless payments such as Apple Pay.
- The Israel-based systems manufacturer will present the new TRIO Countertop unit this week at the Smart Card Alliance Payment Summit in Salt Lake City.
- The reader enters the market for EMV-compliant cashless payment readers, which merchants will need to upgrade to by October to avoid additional fraud liability.
Dive Insight:
Israel’s oti has released an EMV-compliant reader, the TRIO Countertop, that will handle contact, magnetic stripe and contactless payments including near-field communications (NFC) mobile payments from systems such as Apple Pay.
The company says the new system will allow millions of merchants to upgrade to the EMV standard easily while preserving their investment in legacy POS systems. "Our TRIO Countertop solution enables merchants to accept EMV cards and NFC mobile payments with minimal upgrade costs or downtime,” says Ofer Tziperman, oti’s CEO.
Card payment terminals in the United States must comply with EMV standards and accept chip-and-pin cards by October 2015, or the merchant assumes liability for fraudulent magnetic stripe card transactions.
