SOURCE: On Track Innovations Ltd.

On Track Innovations Ltd.

On Track Innovations Ltd.

October 21, 2014 08:31 ET

oti and USA Technologies Ready for Apple Pay

Partners Expect Rollout of Apple Pay to Accelerate Adoption of Cashless and Mobile Payments in Rapidly Growing Self Serve Retail Market

MALVERN, PA and NEW PROVIDENCE, NJ--(Marketwired - Oct 21, 2014) - USA Technologies Inc. (NASDAQ: USAT), a solutions provider of secure cashless transactions for unattended point-of-sale and On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today confirm that oti's NFC contactless Saturn 6500 readers deployed in the U.S. with USAT's ePort solutions are compatible with Apple Pay, Apple's new mobile payment service, and will accept payment made by consumers with Apple Pay.

Apple Pay enables iPhone 6, iPhone 6 Plus, and Apple Watch users to make secure cashless payments at terminals that support NFC. oti's Saturn 6500 line of readers was designed specifically for the unattended self-service market, providing reliable support for quick and easy electronic payments involving either magnetic strip or contactless transactions.

"We began this work nearly 10 years ago as a valued partner of USA Technologies," said Gonen Ziv, president of oti America. "We have seen significant traction in NFC with the introduction of Softcard and other mobile-based payment wallets, and the sales momentum for our family of cashless payment readers continues to grow, now fueled also by the introduction of Apple Pay. We believe that the market is at a tipping point in the transition to NFC-based cashless payments given their extra level of security and convenience. Thanks to strong channel partners like USA Technologies, the growing adoption of our NFC based products in the self-serve markets ideally positions us to capitalize on this multi-billion dollar revolution."

Cary Sagady, Sr. VP Network Solutions and Product Management for USA Technologies commented: "oti has been a great strategic partner for us. Our shared vision for the future of NFC enabled cashless payments has enabled us to work closely together to equip our customers with cutting-edge hardware and services. Today, these customers are benefitting from that vision by being able to accept mobile payment on their existing point of sale devices. For example, based on our experience with mobile payments thus far, the average ticket for mobile purchases in our customer locations is approximately $1.70, compared to an average cash ticket of $1.16, and an average credit/debit card purchase of $1.53. While our solutions using oti NFC technology have long-supported electronic wallets based on Android, BlackBerry and Windows platform, we anticipate the roll out of Apple Pay will further transform the industry and accelerate demand for NFC enabled locations as consumer acceptance, participation at machines and overall sales increases as a result."

With 150,000 NFC terminals already in the marketplace ready to accept Apple Pay, USA Technologies is a market leader, and the largest provider of NFC acceptance points in the unattended machine market.

oti CEO Ofer Tziperman added: "The unattended machine market presents a tremendous growth opportunity for oti and USA Technologies. There are an estimated $120 billion in transactions flowing through 15-20 million unattended/self-serve retail locations in the U.S. alone. This includes millions of locations in commercial laundry, kiosks, ticket machines, parking meters, Internet access terminals, bike kiosks and other locations that involve unattended cashless transactions. Additionally, there are more than 30 million food and drink vending machines worldwide, with a vast majority lacking cashless transaction capabilities. As market leaders, oti and USA Technologies expect to continue to drive significant growth as consumer demand for electronic payments continues to grow."

The Apple Pay compatible oti NFC readers include the Saturn 6000 indoor and desktop reader, the Saturn 6500 for outdoor applications, and the trio, a new modular payment reader.

About USA Technologies
USA Technologies is a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries. ePort Connect® is the company's flagship service platform, a PCI-compliant, end-to-end suite of cashless payment and telemetry services specially tailored to fit the needs of small ticket, self-service retailing industries. USA Technologies also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G-series, ePort Mobile™ for customers on the go, and QuickConnect, an API Web service for developers. USA Technologies has been granted 87 patents and has agreements with Verizon, Visa, Elavon and customers such as Compass, Crane, AMI Entertainment and others. Visit the website at www.usatech.com.

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.

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

    USA Technologies Investor and Press Contacts:
    Stephanie Prince/Jody Burfening
    LHA
    212-838-3777
    Email Contact