SOURCE: On Track Innovations Ltd.

On Track Innovations Ltd.

November 04, 2014 08:31 ET

New oti TRIO Cashless Payment Reader Receives Industry-Wide Certification for Major Credit Card Transactions

ROSH PINA, ISRAEL--(Marketwired - Nov 4, 2014) - On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has received full certification from major credit card associations and main standardization bodies for its new TRIO modular cashless payment reader. The industry-wide certification makes TRIO one of the most advanced, fully-certified solutions available today for attended, unattended and self-serve payment applications.

oti will present TRIO at Money 20/20 in Las Vegas on November 2-5 in booth #101, as well as the CARTES Exhibition in Paris on November 4-6 in booth #4M 098.

Launched in mid-2014, TRIO is a modular payment device supports three cashless payment interfaces in a small stylish enclosure that is available in multiple colors. The reader is designed specifically for installation in vending machines and other self-serve environments but can also be used as a counter top add-on to existing POS terminals, to allow cashless payment with magnetic payment cards, as well as proximity, vicinity, and contact EMV payment cards.

"With the certification from the major credit card associations and standardization bodies, TRIO meets the payment industry's rigorous requirements for uncompromising level of security and compatibility to all international standards and payment applications," said Ofer Tziperman, CEO of oti. "With these qualifications and proven technology, TRIO is poised for widescale implementations across the growing unattended, self-serve, and attended markets."

Since its launch, TRIO has garnered significant industry attention, and is currently being evaluated by many new and existing oti customers worldwide. "In fact, we've already received initial commercial purchase orders from Vianet, a leading solutions provider for the leisure, gaming and vending sectors," noted Tziperman. "So, we're confident the TRIO will realize great success in the market."

Since the TRIO has completed the full certification process by the major card associations, it is now fully compliant for use with the following payment methods:

  • EMV®: Contact EMV L1 and L2, Contactless EMV L1
  • VISA®: VISA payWave MSD, VISA payWave qVSDC, NDOT over VISA for transportation, VISA Global Transit Payment Pilot Specification, VISA Pilot Visa payWave Ticketing Extension Specification and VISA Asia Pacific WAVE 2
  • MasterCard®: MasterCard PayPass™ M/Chip (including Data Exchange), MasterCard PayPass Mag Stripe, NDOT over MasterCard for transportation
  • American Express®: ExpressPay
  • Discover®: Discover Zip®
  • Interac®: Interac Flash®
  • SoftCard™: SoftCard (ISIS) SmartTap®
  • Mifare®: Mifare Ultralight®, Mifare Classic, Mifare DESFire®
  • Transparent (Pass-Through) Communication: ISO/IEC 14443 Type A - Transparent Proximity, ISO/IEC 14443 Type B - Transparent Proximity, ISO/IEC 15693 Vicinity (optional) - Transparent Vicinity
  • Other: Magnetic Stripe Card - ISO/IEC 7813 (Track 1 + Track 2), additional proprietary applications
  • Apple Pay™

TRIO is also compatible with the following standards and specifications: FCC, CE, UL, RoHS compliance, ISO 9001: 2008, ISO/IEC 14443 Proximity Type A&B, ISO/IEC 15693 Vicinity, ISO/IEC 7813, ISO/IEC 7816, Mifare, MasterCard TQM and IP65.

About oti
On Track Innovations Ltd. (oti) is a leader in contactless and NFC applications based on its extensive patent and IP portfolio. oti's field-proven innovations have been deployed around the world to address NFC and other cashless payment solutions, petroleum payment and management, cashless parking fee collection systems and mass transit ticketing. oti markets and supports its solutions through a global network of regional offices and alliances. For more information, visit www.otiglobal.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions, we are making forward-looking statements. Because such statements deal with future events and are based on oti's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of oti could differ materially from those described in or implied by the statements in this press release. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2013, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. Except as otherwise required by law, oti disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise. The content of the web site links in the PR do not form part of it.

Trademarks are the property of their respective owners.

Contact Information

  • oti Investor Contact:
    Scott Liolios or Matt Glover
    Liolios Group, Inc.
    949-574-3860
    Email Contact

    oti Press Contact:
    Inbar Ben-Hur
    oti Marketing Communication Manager
    Email Contact