Oti Contactless Reader Solution Receives Certification For Visa Contactless Payment Program
Saturn 5000 Contactless Reader Receives Approval By Major Contactless Payment Programs in the US
Fort Lee, NJ, July 18, 2005–On Track Innovations Ltd, (OTI) (NASDAQ: OTIV; Prime Standard [Frankfurt]: OT5), a global leader in contactless microprocessor-based smart card solutions, for homeland security, payments, petroleum payments and other applications, today announced that its Saturn 5000 contactless reader has received certification from Visa USA to support its contactless payment program. The Saturn 5000 has already received certification by major US financial institutions.
Visa along with MasterCard and American Express have already announced that they are in different stages of implementation for contactless payment programs. Recently 7-Eleven, CVS, and others have announced plans to deploy contactless readers in test markets nationwide. The Saturn 5000 is designed to allow quick upgrades of existing POS terminals to accept contactless payments, with the reader facing the customer for easier payment experience. The Saturn 5000 can support multiple payment applications and is currently compatible with the major POS terminal providers and acquirers. Supporting the major contactless payment programs, the software integrated in the Saturn 5000 can read a variety of sources including credit cards and key fobs. OTI also offers OEM solutions that can be integrated into payment terminals.
“The Visa contactless payment program certification for the Saturn 5000 and recent advancements in contactless payments in the US demonstrate the great growth potential in this market,” said Oded Bashan, President and CEO of OTI. “The Saturn 5000 multi-approval status combined with its small counter space “footprint” makes it an attractive solution to merchants accepting contactless payments.”
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 petroleum payment systems, homeland security solutions, electronic passports and IDs, payments, mass transit ticketing, parking, loyalty programs 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.