NEW PROVIDENCE, NJ and SAN FRANCISCO, CA--(Marketwired - Oct 27, 2014) - On Track Innovations Ltd. (oti) (
Seed Cashless allows iPhone 6, iPhone 6 Plus and Apple Watch users to make secure cashless payments. Apple Pay is supported by 500+ banks and large retailers, including like Starbucks and McDonalds, and requires no additional hardware upgrade or cost to vending operators when using oti NFC readers powered by Seed Cashless.
oti began shipping Saturn 6500 readers to Cantaloupe Systems in 2014 under a multi-year agreement.
oti's NFC-enabled Saturn 6500 line of readers was designed specifically for the unattended self-service market, providing reliable support for quick and easy electronic payments involving either magnetic strip or contactless transactions. Saturn 6500s also allow cashless payments with NFC-enabled mobile devices from Samsung, HTC, LG, Motorola, Nokia, and Amazon, as well as oti's WAVE audio-jack plug-in device. The WAVE turns earlier-generation iPhones and iPads into NFC-enabled payment devices, and it has received certification from major payment companies, including Visa® and MasterCard®.
"Cantaloupe's selection of oti as its preferred reader supplier reflects the superior reliability and functionality of our NFC products," said Gonen Ziv, president of oti America. "We expect the combination of Apple's mobile payment initiatives, coupled with EMV upgrades in the U.S., to spur sales of payment terminals with NFC capabilities. With only 5% of payment terminals currently having NFC, we plan to work closely with Cantaloupe to capitalize on this extraordinary market opportunity."
The unattended machine industry represents a $50 billion market, with more than 30 million food and drink vending machines worldwide. This is in addition to the increasing number of ticket machines, parking meters, supermarket self-checkouts, Laundromats, photo kiosks, Internet access terminals, bike kiosks and other locations that involve unattended cashless transactions.
"oti provides the perfect combination of field-proven NFC solutions and unmatched performance at a competitive price," commented Anant Agrawal, the chief marketing officer of Cantaloupe Systems. "NFC-based cashless payment functionality has become increasing important to our customers. Since the Saturn 6500 offers both swipe and NFC payment options, it does not limit the purchase to the change in one's pocket. This flexibility has been shown to increase unattended point of sales by more than 20%, and it allows vending operators to capture the maximum possible cashless sales as consumers transition from card to mobile payments. We expect Apple Pay to boost the already increasing wide-scale adoption of NFC technology by vending operators, as well as accelerate the industry's transition to contactless mobile payments."
About Cantaloupe Systems Cantaloupe Systems is the vending industry's premier provider of cloud-based, mobile technologies that deliver an integrated end-to-end vending retail solution for cashless vending, dynamic route scheduling, automated pre-kitting and merchandising and inventory management...all accessible by any mobile device. With a combined 100+ years vending experience, Cantaloupe Systems' expert consultation team can help vending operators modernize their vending business resulting in increased revenue, greater route efficiencies and streamlined back office administration. Hundreds of customers, with hundreds of thousands machines connected, rely on Cantaloupe Systems' innovative solutions to give them full control and visibility over their operations, their inventory and their people so they can more proactively, predictably and competitively run their business. Learn more about smarter vending at cantaloupesys.com.
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.
oti Investor Contact: Scott Liolios or Matt Glover Liolios Group, Inc. 949-574-3860 Email Contact oti Press Contact: Inbar Ben-Hur oti Marketing Communication Manager Email Contact
