ROSH PINA, ISRAEL--(Marketwired - Feb 26, 2014) - On Track Innovations Ltd. (
The new U.S. patent No. 8,651,387, titled "Multi-Application Contactless Smart Card," describes a multi-application contactless smart card system and method that allows a user to select an application using a unique switching mechanism located on board the smart card. This innovation allows, for example, the accommodation of several 'application cards' on the same physical card.
Generally, smart cards support a single application, such as a particular credit card. However, today's consumers typically carry a variety of credit cards, including a combination of debit and credit cards, fuel cards, high-security identification and access-control cards, public transport payment cards, and drivers licenses. Carrying around these numerous cards can be cumbersome. However, oti's newly patented technology solves this problem by allowing contactless smart cards to support multiple uses.
According to BCC Research, smart card shipments are expected to reach 11.1 billion units or $7.3 billion in total sales by 2017. Smart card technology is a major driving force for the payment transaction market, since it allows customers to make secure payments. The rapid growth of contactless smart cards is being driven by a multitude of factors, including mobile device proliferation, new NFC standards, faster processing speeds, increased security concerns, and consumer demand for greater convenience.
The newly issued patent strengthens oti's growing presence in the contactless payment market, where oti's payment solutions have been certified by MasterCard, Visa, and others.
"Over the last 20 years, oti has continuously invested in innovation," noted Dimitrios Angelis, the company's chairman and CEO of oti America. "Through the patent system, we continue to create and protect the value of technology that has been developed by our world-class engineers. This patent supports our ongoing efforts to monetize our intellectual property through business operations, licensing and related arrangements."
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.
This press release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. 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. For example, forward-looking statements include statements regarding oti's profitability from the Multi-Application Contactless Smart Card patent or other oti's patents and/or the successful monetization of oti's intellectual property and execution of oti's growth plans. The forward-looking statements contained in this press release are subject to other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in oti's annual report on Form 20-F for the year ended December 31, 2012 and in subsequent filings with the Securities and Exchange Commission. 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.