oti Launches Trio Modular Payments Reader

oti Launches Trio Modular Payments Reader

The Trio Reader Handles Multiple Payment Methods in Single Solution for Self-Service Markets

Rosh Pina, Israel, June 3, 2014On Track Innovations Ltd. (oti) (NASDAQ:OTIV), a global provider of near field communication (NFC) and cashless payment solutions, introduced today its standards-certified Trio modular reader three-in-one payment solution.

oti’s Trio, an innovative modular reader for the cashless payment industry, provides multiple payment options in unattended market segments, such as vending machines, self-service laundromats and car washes. The reader works with magnetic stripe cards, contactless payment solutions and secure credit/debit/prepaid cards with built-in EMV smart chip compatibility. The multiple payment solution evolved from oti’s field-proven Saturn 6500, a panel mount reader designed for indoor and outdoor installations.

“Trio gives our clients the flexibility to use any card interface their customers might need to perform payment–including legacy magnetic stripe technology–while also preparing them for emerging payment solutions such as contactless cards, NFC-enabled devices and smart phones and smart EMV cards,” said Ofer Tziperman, oti’s CEO. “Trio offers the breadth and credibility the rapidly expanding cashless payments solutions for the self-service market needs.”

The oti Trio is an innovative, cost effective reader that can be purchased and installed using a modular approach, allowing self-service operators a variety of configuration options:

  • Magnetic stripe only
  • Contactless only
  • Combined magnetic stripe and contactless
  • EMV contact only
  • EMV contact and contactless
  • EMV contact, contactless and magnetic stripe (three-in-one)

For those not purchasing the full solution, adding additional modules is a quick and simple, vandal- and tamper-proof, plug-in hardware retrofit.

Trio Reader Opens New Markets for Company

oti currently works with the largest self-service solutions providers in the United States, Canada and Europe. It already has orders and is implementing the outdoor environment-resistant Trio readers for several large customers in businesses including vending machine operators and self-service car washes.

Each target market for the Trio currently has millions of legacy coin-operated machines that eventually will be upgraded to solutions that allow for cashless payment solutions.

“Our existing and new customers have responded very positively to Trio, both for its flexible payment options, and because it is ‘future proof,” Tziperman said. “The ability to purchase the solution in whatever configuration makes most sense for our customers today–based on both needs and budgets–really resonates with companies in self-service industries. It’s important to them that they can easily add on additional modules such as the EMV reader in just minutes per machine, when the time is right.”

By October 1, 2015, all point-of-sale machines that accept cashless payments must be EMV certified in the U.S. This move, known as the Counterfeit Card Liability Shift, essentially provides that parties making investments in EMV deployments by October 2015 are protected from financial liability for card-present counterfeit fraud losses.

Certified Supported Applications for oti’s Trio include:

  • EMV (Europay, MasterCard, Visa–including contact EMV levels 1 and 2 and contactless EMV levels 1 and 2)
  • VISA (including PayWave MSD V2.1.1, VISA PayWave qVSDC V2.1.1, NDOT over VISA for transportation, VISA Global Transit Payment Pilot Specification V1.2, VISA Pilot Visa PayWave Ticketing Extension Specification – Visa Integrated Universal Data Storage V1.3, and VISA Asia Pacific WAVE 2)
  • MasterCard (including MasterCard PayPass M/Chip V3.0.2 [including Data Exchange module], MasterCard PayPass Mag Stripe V3.3, and NDOT over MasterCard for transportation)
  • Other Payment Specifications (including AMEX ExpressPay V3.0.1, Discover ZipNetwork V2.13, Interac Flash V1.4 , and ISIS Sizzle/SmartTap)
  • Mifare (including Mifare Ultralight, Mifare Classic [1K and 4K], and Mifare DESFire)
  • Transparent (Pass-Through) Communications (including ISO/IEC 14443 Type A – Transparent Proximity, ISO/IEC 14443 Type B – Transparent Proximity, ISO/IEC 15693 Vicinity (Optional) – Transparent Vicinity, and Transparent Mifare)
  • Other (including Magnetic Stripe Card–ISO/IEC 7811 & 7813, Track 1 + Track 2, as well as additional proprietary applications)

About oti

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 http://www.otiglobal.com.

Safe Harbor for 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” 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 actual results, performance or achievements of oti could differ materially from those described in or implied by the statements in this press release. Forward-looking statements include statements regarding growing demand for our Trio reader in the cashless vending machine market in the near or long term, or achieving an increase in future revenues from our Trio reader or related products in the future. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, market acceptance of our Trio reader 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, 2013, 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.

Company Contact

Shlomi Eytan
Chief Sales and Marketing Officer
[email protected]

Investor Contact

Scott Liolios or Matt Glover
Liolios Group, Inc.
[email protected]