ROSH PINA, ISRAEL--(Marketwired - Jul 11, 2016) - On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment systems, has achieved FeliCa™ certification for its new NFC-based cashless payment reader, the SATURN 8700.
Operated by Sony Corporation, FeliCa is a secure contactless smart card system and the primary settlement infrastructure used in Japan to make electronic money card payments. With nearly six million vending machines nationwide, the Japanese market represents the second largest opportunity globally for cashless payment solutions. The Japanese vending market is transitioning to cashless payments in order to support the demand from the 20 million foreign travelers annually, as well as the upcoming Rugby World Cup in 2019 and Tokyo Olympic Games in 2020.
In June 2015, oti partnered with Billing System Corporation to develop and distribute FeliCa-certified NFC-based cashless payment systems to the Japanese unattended market. The SATURN 8700 reader marks the first certified product under the partnership, and the companies plan to start marketing and selling the reader to leading Japanese companies immediately.
The SATURN 8700 reader's unique form factor makes it the world's smallest FeliCa- and EMVCo-certified reader, while also supporting other NFC contactless payments, like Mifare and P2P. With complete contactless connectivity and multiple mounting options, the SATURN 8700 is designed for unattended retail environments with self-service payment stations, including ATMs, ticket vending machines, toll roads, gaming machines, kiosks, access control, and mass transit.
"Being EMVCo- and now FeliCa-certified makes the SATURN 8700 an ideal payment solution for the Japanese market," said oti CEO Shlomi Cohen. "This unique product and certification demonstrates the strength of our R&D capabilities and partnership with Billing System, and marks another important step in our expansion into new growth markets. We plan to leverage our early-mover advantage to fulfill the emerging demand for cashless vending solutions in Japan. In step with this, we are pursuing FeliCa-certification for our full line of products and systems to take advantage of this nationwide shift toward cashless payments."
Toshihiko Eda, CEO of Billing System, added: "This is the first step in delivering oti's industry-leading and field-proven solutions to the entire Japanese market. We believe that having FeliCa-certified products in the market will be very beneficial in enabling us to strengthen our product portfolio and increase our sales in the months and years ahead."
About Billing System Corporation
Billing System Corporation provides total settlement and processing service in Japan including services related to payment gateway, mobile payment, remittance, billing, reconciliation, bank debit and finance.
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.
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. For example, we are using forward-looking statements when we discuss our expectations regarding our growth or profitability, reduction of costs and expenses, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers, contributions of our regions to our growth, resolution of our outstanding patent infringement claims, strengthening of our balance sheet and delivery long-term shareholder value. 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, 2015, 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.