ROSH PINNA, Israel, March 26, 2018 /PRNewswire/ -- On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has launched its cryptocurrency (CC) payment solution for the micropayment market and automated machines. To OTI's knowledge, this is the first and only CC payment solution on the market today for automated machines and the micropayment market.
The innovative OTI system, which was developed following extensive research into the market, allows the use of (CC) standard mobile wallets. The company's solution is simple, easy to use, fully secure method for micropayments, and tackles the significant challenges of CC in automated machines and micro-payments. This ground-breaking payment solution provides high-speed, low-fee transactions, while also solving global currency exchange issues that may arise from using CC as a form of payment.
"As a leader in cashless payment solutions over the past 28 years with a large installed base of technology solutions across the globe, introducing the ability to pay with cryptocurrencies seemed like a natural fit for our products, while also providing our customers and consumers with even more payment options," said Shlomi Cohen, OTI's Chief Executive Officer. "We've always prided ourselves as being a company that is large enough to service some of the world's largest companies, yet nimble and flexible enough to rapidly adopt new technologies, such as cryptocurrencies."
"We intimately understand the cryptocurrency market, as well as all players involved. After thorough evaluation and market research, we decided that OTI would invest some of our resources towards developing a solution to address this market. To our knowledge, there is no other solution on the market today and is yet another solution that adapts to our customer needs and preferences. Although this cryptocurrency solution may take time for customer adoption and generations of meaningful sales, we believe this new product offering will add great value for our shareholders, and contribute to OTI's growth over the long-term," added Shlomi Cohen.
OTI has created a brief video that explains the cryptocurrency payment solution and provides an example of use on a vending machine. This video can be viewed by clicking here, or via the following link: https://www.youtube.com/watch?v=b02ZvPez23Q&feature=youtu.be.
About On Track Innovations Ltd.
On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. OTI's field-proven innovations have been deployed around the world to address cashless payment, automated retail, and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit http://www.otiglobal.com.
Safe Harbor / 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," "would," "should," "will," "can" or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss, among others: our expectations regarding our growth or profitability, traction with our cryptocurrency efforts, and plans for our existing and new products and services and our expectation of bringing tremendous value to our industry while generating predictable, high-margin, recurring revenues for the Company and great value for our shareholders. Forward-looking statements are made as of the date of this document and are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are stated under the captions "Risk Factors" in our most recent Annual Report (Form 10-K) and other known and unknown uncertainties and risk factors including those detailed from time to time in the Company's filings with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements.
SOURCE On Track Innovations Ltd. (OTI)