- Make cashless, contactless payments with potentially the most technologically advanced ring in the world
- PayEnable ™ empowers almost any product to become a wearable payment device
- $500 billion in transaction volume by 2020 projected for wearable payments
ROSH PINA, Israel, Nov. 29, 2016 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. (OTI) (NASDAQ: OTIV ), a global provider of near field communication (NFC) and cashless payment solutions, today announced the launch of its latest innovative PayEnabled device –the Ring of Things. The sterling silver and onyx designed ring is a payment device packed with the latest Internet of Things (IoT) technologies including secure payment, gyro-based motion control and smartphone notifications.
The Ring of Things is a vivid example of OTI’s PayEnable platform’s versatility in turning ordinary products into the latest and coolest smart payment devices. Industries that can benefit from using PayEnable technology include jewelry, fashion, automotive, banking, travel, smart home and entertainment.
The wearable payments market is forecast to grow at 177% per year between 2015 and 2020, accounting for an annual $500 billion worth of transaction volume by 2020, according to Tractica.
“It is a very exciting time to be part of the Internet of Things revolution,” said Shlomi Cohen, OTI CEO. “The tiny form factor and easy to integrate nature of our payment technology is a great fit for any wearables manufacturer wanting to gadgetize and add secure cashless payment functionality to their existing products.”
PayEnable greatly simplifies the difficult and costly processes manufacturers face when trying to independently set-up secure payment systems for their products. PayEnable also deals with the technical and regulatory pain points, making it a very attractive, cost effective proposition for manufacturers who want to enter the booming wearables market.
PayEnabled products like the Ring of Things are feature rich and can support a wide variety of applications including: cashless payments, closed-loop payments, loyalty and reward programs, gift cards and even advanced features like in-store promotions, and brand authentication (anti-counterfeit).
A tiny computer platform integrated into the ring accurately senses motion and wirelessly transmits in real time either raw or processed data to any external device. This allows the Ring of Things to communicate with other smart devices such as handheld devices, smart TVs, virtual reality headsets, etc. enabling natural and seamless motion control for payments, gaming, entertainment, and fitness.
OTI collaborated with UK-based DigiSEq whose Provisioning as a Service platform provided OTI complete control over the processes and allowed secure provisioning of The Ring of Things in the manufacturing facility. The collaboration with DigiSEq provides OTI’s clients with the ability to provision their PayEnabled products in their manufacturing facility or in the stores - cutting costs dramatically and provides unprecedented flexibility.
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 .
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. 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.
OTI Press Contact: Neil Barr Director of Marketing +972-4-686-8004 press@otiglobal.com
