Tokyo, Japan and Rosh Pina, Israel – Jun 16, 2015 – Billing System Corporation (Billing System) (TSE: 3623), a leading payment service provider, has partnered with On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, to resell oti’s NFC products in Japan.
Billing System selected oti as its NFC solution provider and will introduce oti’s suite of NFC-based cashless payment readers and devices to Japan’s retailers, vending machine operators and taxi companies.
“This new alliance with oti is an important strategic step for us, given oti’s already strong global presence, including its 50% market share of the U.S. connected vending machine market,” said Toshihiko Eda, CEO of Billing System. “Our partnership positions Billing System to capitalize on the rapidly expanding contactless payment market in Japan.”
More than 10 million foreign travelers visit Japan annually, which is expected to increase in the coming years with Rugby World Cup in 2019 and Tokyo Olympics in 2020. However, Japan’s current cashless payment settlement infrastructure, Felica, is unique to the domestic market and not compatible with international NFC services.
“Our collaboration with Billing System is also an important strategic move for us given the current state of the Japanese market,” said Ofer Tziperman, CEO of oti. “NFC has emerged as the solution of choice for all the major payment schemes, and with practically no NFC infrastructure currently deployed in Japan, this is the perfect time for oti to enter the market with our widely certified product offering.”
The incompatibility has become a problem for foreign travelers as more consumers are transacting with credit cards utilizing NFC technology and mobile phone payment schemes like Apple Pay™ and Android Pay™. These settlement services are based on international standards and provide high security, convenience and cost-effectiveness.
oti’s NFC solutions support a range of payment applications, kernels and technologies, including Visa MSD/qVSDC, MasterCard PayPass-M/Chip, EMV, AMEX ExpressPay, Discover ZipNetwork, Mifare, Mifare DESFire, Proximity and vicinity, Apple Pay and Android Pay. With oti’s NFC readers and devices, Japanese businesses will be able to support the growing domestic and international demand for cashless payments.
About Billing System Corporation
Billing System Corporation provides total settlement and processing service in Japan including services related to payment gateway, mobile payment, remittance, billing, reconciliation, bank debit and finance.
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 our actual results, performance or achievements 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 Japan, 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.