On Track Innovations Ltd. (OTIV)

[midastouch017]

OTI Delivers First Batch of 3,000 Payment Systems to Well-Known Japanese Retailer
Date : 07/17/2017 @ 8:31AM

On Track Innovations Ltd. (OTI) (NASDAQ:OTIV), a global provider of near field communication (NFC) and cashless payment solutions, announced today the successful delivery of 3,000 payment systems to a well-known Japanese retailer. The systems include the Company’s new UNO Plus EMV and FeliCa contactless reader and the GoBox Multi-Service Telemetry Gateway. This first 3,000 system delivery was completed according to schedule and is part of a previously announced letter of intent and purchase order for 10,000 systems.
“This is a meaningful milestone for OTI,” said Shlomi Cohen, OTI’s CEO. “We have set our first foothold in Japan’s estimated 6 million vending machine market. This milestone also indicates that we are executing on our strategy to grow OTI’s business in the substantial Asia-Pacific market. Our EMV and FeliCa-based thin-client payment solutions were designed specifically for the Japanese market, creating flexibility, with local customers paying using FeliCa based cards and international customers paying using their EMV credit cards, such as Visa and MasterCard.”

OTI’s UNO Plus is the first contactless reader produced outside Japan to achieve dual EMV and FeliCa certification.

OTI’s GoBox is a powerful Machine-to-Machine (M2M) controller, payment gateway and multi-services enabler for unattended machines. It provides new revenue streams for machine operators, from accepting cashless payments through streaming paid Full-HD video via the GoBox’s HDMI output.