oti Receives Approval to Support Payment Processing Across EU for Vending and Kiosks

ROSH PINA, ISRAEL–(Marketwired – Feb 22, 2016) – On Track Innovations, a global provider of Near Field Communication (NFC) and cashless payment solutions, has received approval to support payment processing services for vending and kiosk operators in the European Union (EU).

As part of the process, oti partnered with a multinational bank and a leading payment processor, who extensively tested oti’s NFC readers and telemetry solutions, ensuring they met the highest security and reliability standards. The solution combines oti’s telemetry software with its line of NFC-based readers allowing vending machine and kiosk operators to accept cashless payments at low transaction rates.

Transactions will be sent electronically to oti’s payment processor and banking partners for processing, with the operator receiving payment as a direct deposit shortly after the transaction is made. As part of the service, operators can subscribe on a monthly basis to oti’s terminal management system, a cloud-based application that insures system connectivity and timely monitoring.

oti now supports full coverage of payment processing services for vending machine and kiosk operators in the EU, and kiosk operators in the U.S. through its recent partnership with Apriva.

“Many vending machine and kiosk operators do not accept electronic payments because its deployment has been too complex, expensive, and fragmented across vendors, with high transaction fees and system maintenance costs threatening to cut into profits,” said oti CEO Shlomi Cohen. “But now, with the proliferation of consumers with NFC-enabled mobile devices, we are hearing a loud call for a better solution. Operators are demanding a turn-key solution that integrates the cashless payment hardware with telemetry, low-fee payment processing, and cloud-based system management. Our new offering delivers just that.”

“Through our highly-capable distribution and deployment partners, we can offer a greatly simplified setup and maintenance process as a ‘one-stop-shop’ for operators that is unparalleled in our industry,” continued Cohen. “Further, we have formed global commercial bank and payments processing relationships that leverage the unique capability and security of our readers to achieve the lowest possible transaction fees.”

Altogether, the new solution further establishes oti’s leadership in the cashless payments and Internet of Things space. The company plans to leverage its recently expanded internal sales capabilities, as well as new distributor relationships with industry leaders, like MDS Electronics and Nexus Machines, to market the end-to-end solution.

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[7].

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