OTI and Hypercom in contactless collaboration
13 April 2004 | 2627 views | 0
On Track Innovations Ltd, (OTI) (NASDAQ: OTIV; Prime Standard [Frankfurt]: OT5), a global leader in contactless microprocessor-based smart card systems, announced that it has teamed up with global payment technology leader Hypercom Corporation (NYSE: HYC) to deliver world-leading "contactless" electronic card payment programs that add convenience, speed check-out and increase security. The companies' combined technologies will help expand merchant and consumer use of contactless payment programs, such as MasterCard PayPass, at U.S. retail countertops.
OTI's patented "matched-antenna" contactless technology coupled with Hypercom's industry-leading electronic payment terminals enable more reliable and secure communication. The solution also allows issuers to provide consumers with highly secure contactless cards and key fobs with smart stickers and custom designs, such as new specially equipped watches that feature transaction capabilities.
Recognized globally as a payment technology innovator and leader, Hypercom(r) products include smart, fast and easy-use card payment terminals, networking equipment and technology. Hypercom will integrate OTI's contactless technology into their new RF-enabled terminals, and have already incorporated the capability to use OTI's newest contactless reader, the Saturn 5000, which offers a plug-and-play retro-fit option for merchants currently equipped with Hypercom terminals.
Using MasterCard PayPass, consumers simply tap or wave their payment card on a specially equipped merchant terminal that then transmits payment details wirelessly, eliminating the need to swipe the card through a reader. The new solution is ideal for traditional cash-only environments where speed is essential, such as quick service restaurants, gas stations and movie theaters.
Last year, MasterCard successfully completed market trials of MasterCard PayPass, which utilizes OTI's contactless card technology. Hypercom's integration of contactless technology-enabled terminals in the U.S. will be an important step in the successful expansion of the MasterCard PayPasstm program planned for later this year.
"The card payment terminal market is continually evolving to give customers greater purchasing flexibility and boost merchant sales. The options that OTI technology provides are ideal for meeting these evolving market needs. We found OTI's technology and value proposition to be right on the mark," said Eric Duprat, Senior Vice President, Global Marketing and Product Development. "Hypercom now supports MasterCard PayPass on all T7Plus and ICE terminals with our standard HyperWare payment application, VAR development tools and OTI's Saturn 5000 reader."
"Hypercom is clearly a global payment technology leader, delivering intelligently integrated RFID solutions to the point-of-transaction. We look forward to working with Hypercom to facilitate the use of OTI's secured contactless solutions by consumers and vendors," said Ohad Bashan, President and CEO of OTI America, "As Hypercom deploys terminals to support contactless payment programs; OTI will be ready to meet their production needs."