MTS, Russia's Leading Communications Group, Selects OTI's COPNI Mobile Payment Product for MTS's NFC Program
11 October 2011 - 11:30PM
- OTI is Working with
SITRONICS Smart Technology, Technological Partner in Russia that
Provides the COPNI to MTS
- MTS has Over 70 Million
Subscribers in Russia
- First Application with
LUKOIL for Payment for Fuel Purchases
On Track Innovations Ltd. ("OTI") (Nasdaq:OTIV), a global leader in
contactless smart card solutions, today announced that MTS,
Russia's leading communications group with over 100 million
subscribers (with over 70 million subscribers in Russia), has
chosen OTI's COPNI mobile payment solution for its near field
communication ("NFC") projects. OTI is working with SITRONICS Smart
Technology as its technological partner in Russia. MTS's NFC
program first retail application to be launched later this month
will be mobile payment and loyalty program at LUKOIL gas
stations.
With the new program, LUKOIL retail customers use their mobile
phone to pay for fuel transactions at the dispenser using a
COPNI-enabled cell phone and accruing loyalty points for LUKOIL's
loyalty program.
OTI's COPNIā¢ (Contactless Payment and NFC Add-On) was
selected after rigorous testing which represents the first
commercial NFC project in Russia based on SIM-cards with
SWP/HCI-protocol (Single Wire Protocol ("SWP") and Host Controller
Interface ("HCI")). With COPNI, the service can be used with a wide
range of currently available mobile phone models.
A COPNI-enabled mobile phone is a platform that enables mobile
network operators (MNOs) to provide a true after-market solution to
existing subscribers, filling the gap between the demand and lack
of handsets with embedded NFC. Simply tapped near a
contactless reader, the COPNI-enabled mobile phone can be used in a
broad range of payment transactions including prepaid, credit and
debit, as well as loyalty programs and other NFC related
applications.
Oded Bashan, Chairman and CEO of OTI, commented: "COPNI is the
ultimate solution for operators, providing them maximum
flexibility. It is cost-effective and it allows the MNO to provide
solutions to a large existing customer base regardless of the
handset type and model, bringing contactless payments and NFC into
real life program quickly".
About OTI
Established in 1990, OTI (Nasdaq:OTIV) 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, payments, mass transit ticketing, parking and
loyalty programs. 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.
For more information on OTI, visit www.otiglobal.com, the
content of which is not part of this press release.
The On Track Innovations Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5736
Safe Harbor for Forward-Looking Statements:
This press release may contain forward-looking statements within
the meaning of the "safe harbor" provisions 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. For example, forward-looking statements include
statements regarding our goals, beliefs, future growth strategies,
objectives, plans, growth potential of our contactless payment
solutions and regarding the superiority of our products or current
expectations such as those regarding the growth of the NFC program.
Forward-looking statements could be impacted by market acceptance
of new and existing products and our ability to execute production
on orders, as well as the other risk factors discussed in OTI's
Annual Report on Form 20-F for the year ended December 31, 2010 ,
which is on file with the Securities and Exchange Commission.
Although OTI believes that the expectations reflected in such
forward-looking statements are based on reasonable assumptions, it
can give no assurance that its 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.
CONTACT: OTI Contact:
Galit Mendelson
Vice President of Corporate Relations
732 429 1900 ext. 111
galit@otiglobal.com
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