MASTERCARD and OTI Go to the movies with MasterCard PayPass
Faster Movie Ticket and Concession Lines Are Part of MasterCard’s Contactless Payment Trial in Orlando
Cupertino, CA, April 2, 2003–On Track Innovations, Ltd., also known as OTI (NASDAQ: OTIV; Prime Standard [Frankfurt]: OT5), a global leader in contactless microprocessor-based smart card solutions, today announced that it is providing integrated point-of-sale solutions to Loews Cineplex as part of MasterCard’s PayPass™ trial in Orlando, Florida.
Representing an industry first, OTI has developed a reader for MasterCard PayPass that allows customers to pay for admission tickets, as well as their snacks at the concession stands, by simply placing their MasterCard PayPass enabled payment cards in front of a glass window. The unique OTI SMART Antenna allows the card readers to function smoothly through the glass so that the payment card never has to leave the customer’s hand. This solution is currently installed at the Loews Universal Cineplex in Orlando, one of the country’s largest movie theater multiplexes.
OTI’s technology is an integral part of MasterCard’s PayPass program, with different applications using varying components and services. Numerous leading financial institutions employ OTI’s contactless smart card manufacturing technology and personalization software, while merchants utilize reader solutions and related software. For example, OTI provided a turnkey PayPass drive-thru solution for one local Orlando retailer. Ohad Bashan, President and CEO of OTI America stated, “OTI is proud to be working with Loews Cineplex as a part of the MasterCard PayPass trial. As every moviegoer knows, the most frustrating aspect of going to the movies is waiting on the ticket and concession lines. You want to get your seats quickly and purchase refreshments before the movie starts. Our reader solution provides Loews with an innovative point-of-sale device that speeds up these transactions with a minimum investment in upgrading the existing POS terminal. Our technology allows Loews’ staff to focus on great customer service without sacrificing crucial counter space.”
About MasterCard PayPass™:
MasterCard PayPass™ is a new “contactless” payment program that provides consumers with a simpler way to pay. Using MasterCard PayPass, consumers tap their payment card on, or wave them in front of, a specially equipped merchant terminal, eliminating the need to swipe the card through a reader. The new solution is ideal for quick payment environments where speed is essential, such as quick serve and casual restaurants, gas stations, drug stores, supermarkets and movie theaters. MasterCard PayPass is currently being trialed with three of MasterCard’s key member financial institutions in a pilot that involves more than 15,000 cardholders and approximately 40 merchant locations in Orlando, Florida. For additional information, please visit http://www.paypass.com.
Established in 1990, OTI (Nasdaq: OTIV, Prime Standard: OT5) designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for micropayments, mass transit, parking, petroleum payment systems, loyalty programs, ID and secure campuses. OTI has a global network of regional offices to market and support its products. The company was awarded the prestigious ESCAT Award for smart card innovation in both 1998 and 2000. OTI’s customers include: BP, MasterCard International, EDS, First Data Resources, Xerox, Repsol, the Government of Israel and ICTS. For more information on OTI, visit our website at http://www.otiglobal.com.
This press release contains forward-looking statements within the meaning of the United States Securities laws. Such statements are subject to certain risks and uncertainties, such as market acceptance of new products and our ability to execute production on orders, which could cause actual results to differ materially from those in the statements included in this press release. Although OTI believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. 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 otherwise.