ROSH PINA, ISRAEL--(Marketwired - Jan 19, 2016) - On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of Near Field Communication (NFC) and cashless payment solutions, has partnered with the leading global provider of magnetic card readers used in financial self-service terminals. Together, they plan to work with providers of integrated self-service solutions to equip financial terminals with oti's Saturn 6700 UNO and new Saturn 8700 UNO NFC readers.
The new partner's selection of oti followed an extensive evaluation and testing process involving hundreds of UNO NFC readers. Marketing to the magnetic card reader provider's existing global customer base has begun, initialing targeting the retrofit of more than 200,000 self-service terminals. Deployments expected to begin ramping up in the second quarter of 2016. The total addressable market is represented by more than 3 million terminals around the world.
"This major win with a leading provider of magnetic card readers, who is a highly-trusted vendor to major financial solution providers worldwide, reflects the fact that our NFC readers have the most advanced designs and highest reliability in the industry," noted oti CEO Shlomi Cohen.
"We see this also representing the beginning of a new wave of NFC applications that is made possible by our unique, innovative NFC technology. Financial institutions can now finally leverage the power of NFC to enhance the customer experience at the self-service terminal, while also improving security and lowering operational costs."
The 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™.
"This engagement also demonstrates the success of our go-to-market strategy that focuses on partnering with industry leaders who can accelerate our reader sales in new geographies," added Cohen. "Given their dominant market share of magnetic card readers in self-service financial terminals globally, we could not ask for a more ideal partner to address this expansive, growing opportunity."
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.
Safe Harbor for 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, 2014, 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.
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