SOURCE: On Track Innovations Ltd.

On Track Innovations Ltd.

February 02, 2015 08:31 ET

oti Enters EMV Countertop Reader Market With Apple Pay-Enabled Solution

New TRIO Countertop Reader Offers Cost-Savings Add-On Solution for Existing POS Systems to Accept EMV and NFC Mobile Payments, Including Apple Pay

ROSH PINA, ISRAEL--(Marketwired - Feb 2, 2015) - On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has released a new countertop version of its popular TRIO reader, a small, stylish modular payment device that supports three cashless transaction methods (contact, magnetic stripe and contactless).

Similar to the TRIO versions for the unattended and self-serve market, the new TRIO Countertop is designed to address the fast growing market for EMV-compliant cashless payment readers.

EMV -- which derives its name from 'Europay, MasterCard and Visa' -- represents the new global standard for inter-operation of integrated circuit cards ("IC" or "chip cards") and IC card-capable point of sale (POS) terminals for authenticating credit and debit card transactions.

Established by the major credit card associations, EMV promises to reduce or eliminate the highly prevalent fraud associated with legacy magnetic strip cards. All card payment terminals are required to be compliant with EMV by October 2015 in the U.S. or otherwise liability for fraudulent magnetic stripe card transactions is shifted from the card association to the merchant.

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. So, 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. In fact, it may be as simple as connecting the TRIO Countertop to the USB or serial data communication port on the existing POS terminal.

"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."

oti's TRIO cashless payment reader has already been deployed at more than 250,000 locations in the self-serve markets, including vending, kiosks and laundromats in North America. The new TRIO Countertop reader opens up a much larger market opportunity for oti to deploy its unique NFC solutions.

oti will present the new TRIO Countertop reader at the Smart Card Alliance Payment Summit on February 3-5, 2015 in Salt Lake City, Utah.

TRIO Countertop supports an impressive array of payment methods, including:

  • 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, TQM and IP65
  • American Express®: ExpressPay
  • Discover®: Discover Zip®
  • Apple Pay™
  • Google Wallet
  • SoftCard™: SoftCard (ISIS) SmartTap®
  • Interac®: Interac Flash®
  • 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 standards and specifications: Magnetic Stripe Card - ISO/IEC 7813 (Track 1 + Track 2), 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

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.

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Contact Information

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

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

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