ROSH PINA, ISRAEL--(Marketwired - Jul 13, 2016) - On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of Near Field Communication (NFC) and cashless payment systems, has successfully initiated pilot installations of its SATURN 6700 UNO NFC readers in financial self-service terminals/automated teller machines (ATMs) throughout Europe, Asia, and North America.
In January 2016, oti secured a strategic partnership with the leading provider of magnetic card readers used in financial self-service terminals globally to equip the partner's terminals with oti's NFC readers. Following the initial pilot deployments during the second quarter of 2016, the partners are actively marketing the retrofitted NFC solution to the magnetic card reader provider's existing global customer base, initialing targeting more than 200,000 self-service terminals. The partners estimate the total addressable market for oti's reader to be more than three million terminals around the world.
"Our innovative NFC technology allows major financial institutions to benefit from the power and growing consumer adoption of NFC to not only enhance the customer experience, but also significantly improve security and lower operating costs," said oti CEO Shlomi Cohen. "We look forward to further collaborating with our strategic partner to retrofit their installed base of self-service terminals, which represents a majority of our overall total addressable market."
The patented SATURN 6700 UNO's ultra-compact form factor was designed to easily add NFC capability to existing unattended electronic transaction terminals, from ATMs and self-checkout kiosks to access control points, vending machines and gaming machines. UNO's "plug-and-play" design makes it highly cost-effective to deploy alongside existing magnetic card readers, allowing the transaction terminal to seamlessly accept contactless cards and NFC-based mobile payments, such as Apple Pay™, Android Pay™ or Samsung Pay™.
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.
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