Payments

Israeli firm OTI bags Mn dollar NFC reader deals in US & Asia

OTI, an Israeli company that designs and develops contactless microprocessor based smart card technology, recently signed a major contract to supply NFC-readers to one of its channel partners in the U.S. According to the terms of the agreement, the partner is required to buy $10 Mn worth of OTI NFC readers over 3 years.

OTI Signed another big deal yesterday (Nov 13th 2013) with banks in Taiwan, Macao and Hong Kong through its new channel partner, Tradelink Electronic Commerce (a Hong Kong based e-commerce firm).

1) U.S Deal

On Track Innovations (OTI) was founded in the year 1990 by Oded Bashan. OTI has a global network of regional offices to market and support its products. The company was awarded the Frost & Sullivan 2005 and 2006 Company of the Year Award in the field of smart cards.

OTI delivers cards, readers, operating system and complete solutions that are offering high functionality, security and flexibility. OTI offers product Solutions to:

  • Petrolium payment solutions

  • Homeland security solutions

  • Electronic passports

  • Payment solutions

  • SmartID solutions 

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OTI has received orders for 40,000 readers which it plans to ship it by the year ending. The agreement covers multiple models of OTI Saturn 6500 EM+ which supports EMV transactions. The Saturn 6500 NFC reader offers easy and provide flexible payment card transactions solutions by either magnetic stripe or by contactless method and is fully certified by all leading card transactions. The reader modular design is easily installed offering various connection options making the Saturn 6500 nfc reader a perfect solution for the user.

“Our Saturn 6500 NFC readers are the perfect solution for the unattended retail market” said OTI’s CEO Ofer Tziperman”. It presents customers with a quick and easy way to pay which promotes more frequent purchases and increased revenue for the retailer.

2) Asia Deal

OTI's Wave technology enabled device lets bank customers whose smartphones do not have built-in NFC technology to perform contactless payment transactions.

Some features of OTI's technology:

  • The device is connected to the mobile phone's audio jack enabling PIN Code authentication.
  • It also allows for checking available balances and reloading cash electronically.
  • Approved cards can be added to the bank customer's wallet with OTI's technology. This enables retailers to implement value added services such as location based ads, loyalty programs and promotions.
  • The company did not reveal details on the number of devices being shipped or names of banks that have signed up.
  • OTI's technology was recently certified by MasterCard.

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Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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