ROSH PINA, ISRAEL--(Marketwired - May 28, 2015) - On Track Innovations Ltd. (oti) (
Unveiled today at the Google I/O event, Android Pay™ leverages the NFC functionality already available on most Android-based phones. When supported in an NFC reader or payment terminal like oti's line of Saturn readers, this integration enables Android users to make payments and redeem loyalty cards or offers in a single seamless and secure transaction. oti's Android Pay™-enabled NFC reader will automatically recognize and apply loyalty cards loaded in Android Pay™. Similarly, Android Pay™ users will benefit from the ability to receive, store and present offers with enabled merchants.
More than 300,000 existing oti NFC Readers in North America already support Android Pay, including both point-of-sale and unattended/self-serve terminals on vending machines.
"Now with the launch of Android Pay™ that is supported by millions of Android-based phones, NFC has emerged as the mobile industry's most essential payment technology, with oti at the forefront as one of the most trusted and well-established leaders in this space," said oti CEO Ofer Tziperman.
According to industry research firm, Berg Insight, by 2019 there will be more than 75 million unattended, self-serve and attended POS locations that will be NFC reader enabled globally. oti is well positioned with one of the most comprehensive lines of NFC readers on the market to support the industry's upgrade cycle and adoption of NFC technology.
Also according to Berg Insight, there are 560,000 connected vending machines currently installed in North America. Accordingly, oti NFC readers account for about 50% of the readers installed on these unattended machines. "While we have a strong presence across these connected machines, there remains more than 5 million vending machines in the U.S. market alone that are not yet enabled with NFC," added Tziperman. "This presents a tremendous growth opportunity for oti, even before we add the big number self-serve kiosks, ATM and gaming machines that are already looking to have a suitable retrofit NFC readers."
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 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, 2014, 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.
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