Source: On Track Innovations
On Track Innovations Ltd. (OTI) (NASDAQ: OTIV) (Prime Standard [Frankfurt]: OT5), a global leader in contactless microprocessor-based smart card solutions for homeland security and payments, today announced a partnership with Ingenico North America.
Ingenico and OTI will provide secure contactless solutions for the payment and identification markets.
Ingenico is integrating OTI's contactless technology with the eN-Touch 1000, as well as the i6770 and i6550 customer-activated payment terminals. Additionally, Ingenico will interface and offer OTI's flagship Saturn 5000 contactless reader as a "plug 'n play" option for merchants currently equipped with Ingenico terminals.
Initial deployment will include support for contactless payment programs being implemented by major retailers in the United States. When using a contactless reader, consumers simply tap their contactless payment card on a merchant terminal with a contactless reader that securely transmits card information using radio frequency, eliminating the time it takes to swipe the card through a magnetic stripe reader. The solution will benefit traditional cash-only environments where speed of service is essential, such as quick service restaurants, gas stations, convenience stores and movie theaters.
Lloyd Baylard, vice president and general manager of Ingenico's Retail Solutions group, stated, "Ingenico is leveraging OTI's proven contactless reader technology to offer a seamless implementation of this secure and customer-convenient payment method with our terminal offerings. We view contactless payment as an important component of our secure transaction solutions strategy, of which OTI is an integral part."
"We are proud to work with Ingenico as a partner in their development of secure contactless solutions for payment and security systems. We look forward to providing OTI's secured contactless technology as an integral part of Ingenico's solutions to its multiple markets around the world," stated Ohad Bashan, President of OTI America.