On Track Innovations, which expects to deliver contactless payment cards to more than 10 million customers in the U.S. this year, is demonstrating its solutions at Booth 4 M 80 at Cartes. OTI intends to show its range of smart card solutions with a special focus on Payment – cashless solutions for small ticket items including variety card solutions supporting card and reader solutions, and SmartID – Homeland security solutions including national ID cards, e-passports and medical cards.
FORT LEE, N.J., Nov. 15 /PRNewswire-FirstCall/ – 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, announced that it will deliver contactless solutions for more than ten (10) million contactless payment cards to the growing contactless payment market in the US by the end of the year.
OTI’s contactless solution provides card manufacturers and financial institutions with a superior solution providing additional security, reliability and cost effective way to bring secure contactless solutions to the market. OTI’s inlay solution provides high card durability. OTI’s Hercules operating system and contactless products and technology enables a robust solution that meets the stringent security requirements of the payments industry, while also providing the speed and convenience that is essential in contactless transactions. These solutions have been successfully integrated with major card manufactures in the US.
“Our contactless solution provides issuers with a cost effective, reliable and secure way to implement contactless cards. The advancements in the field are exciting and give further validation to the strength of our company. We are geared up to support contactless payment programs with production capacity of six million units per month starting the second half of 2006,” said Oded Bashan, President and CEO of OTI.
OTI will be demonstrating its solutions in the Cartes 2005 Annual Conference and Exhibition on November 15-17 at the Paris-Nord Villepinte Exhibition Center in Paris, France.
In Booth 4 M 80, OTI will demonstrate its range of smart card solutions with special focus on Payment – cashless solutions for small ticket items including variety card solutions supporting card and reader solutions, and SmartID – Homeland security solutions including national ID cards, e-passports and medical cards.
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, micro 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 Frost & Sullivan 2005 Company of the Year Award in the field of smart cards. For more information on OTI, visit www.otiglobal.com.