On Track Innovations Ltd. (NASDAQ GM: OTIV) announced receipt of a blanket order for 30,000 of its NFC and contactless payment readers for use in North America from a global leader of integrated technology solutions in the retail petroleum industry. The entire order is planned to be delivered to its customer this year and expects additional revenues for providing support services to the customer. On Track Innovations expects to receive follow-on reader orders from this customer later this year.
On Track Innovations worked closely with the customer to create a custom-built antenna (hardware) and support the various contactless payment schemes (application) on the reader itself, ultimately providing the customer with an OEM kit to fit the customer’s wide range of products. In addition to the major card associations’ contactless programs, ISIS NFC SmartTap Reader Application was embedded on the custom-built OEM kit.
With its SCI OEM integrated solution and the Saturn outdoor and indoor line of readers, the readers provide an easy, cost effective plug-and-play solution to support the migration toward contactless payment and NFC, necessary to support the increasing adoption of NFC payment technology across the world.
The NFC readers ordered are certified by the world’s major credit card associations – including MasterCard, Visa, American Express, Discover and Interac for their contactless programs. The TQM scheme was created by MasterCard to ensure that the functionality of chip terminals, as certified during type approval testing by EMVCo, can be sustained throughout a manufacturing cycle.
OTI holds extensive intellectual property portfolio pertaining to NFC technology, including over 100 issued patents and pending patent applications encompassing product applications, software platforms, system and product architecture, product concepts and more in the fields of NFC, contactless payment, secure ID, petroleum and parking solutions.
“The relationship we established with this customer illustrates our expertise in NFC and contactless solutions as we were able to deliver a first-rate user experience to our customers,” said Ofer Tziperman, OTI’s CEO. “We see increased demand for NFC readers in North America, a trend which goes hand-in-hand with the market increasing early adoption of NFC.”