Initial Deliveries of Approximately 10,000 Contactless Readers Supporting EMV Payments
FORT LEE, N.J., Oct. 16 - On Track Innovations Ltd. (OTI) (NASDAQ:OTIV), a global leader in contactless microprocessor-based smart card solutions for payments, petroleum payments, homeland security and other applications, announced today that it has been selected to provide the contactless readers for a rollout by major United Kingdom issuers of a contactless payment program. The contactless payment program in London was launched in September as another stage in the rollout of contactless payment products. It is expected that by year end, the UK issuers will issue contactless debit and credit cards to customers who live or work in the London roll-out area. Contactless payment is ideal for small value purchases such as newspapers, sandwiches, take-away coffees and greetings cards.
OTI is delivering its Saturn 6000 contactless reader which is integrated with existing terminals in the field and will be installed in different outlets. The Saturn 6000 was designed with channel partners in mind. Its unique platform of comprehensive and modular firmware, allow for fast, efficient and cost effective integration with terminals, resulting in secure contactless EMV transactions. The Saturn 6000 presents the leading cost-to- performance contactless reader in the market today offering a superior up-to- date product with a large LCD display, multiple configuration options, built- in encryption and security features, and exceptionally fast transaction speed. Certified by both MasterCard and VISA, OTI'S Saturn 6000 exceeds the contactless EMV requirements.
Oded Bashan, Chairman & CEO of OTI said, "We are proud to have been selected to support the UK contactless payment rollout. The Saturn 6000 and our involvement in the UK contactless payment rollout provide an example of our leading-edge superior products suitable for the global contactless markets providing solutions for both EMV markets and the US market on a single technology platform. Our new state of the art manufacturing facility in Germany, combined with experienced teams in our offices in Europe, excellent R&D resources and OTI's know-how provide our partners and customers with a second to none value proposition."
Established in 1990, OTI (NASDAQ-GM: OTIV) designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for petroleum payment systems, homeland security solutions, electronic passports and IDs, payments, mass transit ticketing, parking and loyalty programs. OTI has a global network of regional offices to market and support its products. The company was awarded the Frost & Sullivan 2005 and 2006 Company of the Year Award in the field of smart cards. For more information on OTI, visit www.otiglobal.com, the content of which is not part of this press release.
Director of Corporate Communications
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Source: On Track Innovations Ltd.
Web site: www.otiglobal.com/