OTI's Mass Transit Ticketing Solutions Serve Growing Market Through New OTI Europa Brand
ROSH PINA, Israel, Nov. 13, 2017 /PRNewswire/ -- On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, announced today it has rebranded its Kraków, Poland-based mass transit ticketing subsidiary, ASEC S.A., as OTI Europa.
"OTI is recognized as a powerful international brand in the NFC contactless technology and cashless payments market," said Shlomi Cohen, OTI's CEO. "Mass transit ticketing payments and usage are increasingly moving towards cashless and contactless platforms via mobile devices and NFC cards. Government initiatives and investments into automating mass transit, combined with enabling technologies, and the widespread use of connected devices in smart cities are driving these trends."
Agnieszka Swiatly, General Manager of OTI Europa, added, "We look forward to a bright future in the global mass transportation market as OTI Europa. Under one brand, we channel our strengths to create a major force within the cashless payment solution arena."
The global automated fare collection (AFC) market, part of which OTI Europa's/OTI's products address, enables automated ticketing systems for public transportation networks, and is estimated to reach $10.7 billion by 2025 according to Grand View Research.
Contactless mobile ticketing and is expected to account for 50% of fare collection in transportation by 2021.
OTI's mass transit ticketing solutions include cashless payment solutions for contactless ticketing via ticket vending machines and e-ticketing through hundreds of ticket vending machines and point of sale terminals, as well as customer service centers in Europe.
