OTI And Microtronic Widen Closed-Loop Payment Options For Vending Market

ROSH PINA, Israel -- On Track Innovations Ltd., a global provider of near-field communication and cashless payment systems, said it has entered into a strategic partnership with Swiss-based Microtronic, which specializes in closed-loop cashless payment systems for vending and office coffee service.

The companies will introduce a solution that integrates Microtronic's "e-vending" and closed-loop payment solution into OTI's Connect 3000 telemetry device and line of Trio and Uno NFC cashless readers. The new system reportedly will offer vending operators a unified solution that accepts traditional credit and debit cards (open loop), as well as prepaid NFC payment cards and wearables (closed loop).

Microtronic will also incorporate its e-vending mobile payment and marketing solution into OTI's Connect 3000. This will allow vending consumers to download the e-vending mobile app and scan QR codes on vending machines to purchase products. The app will notify consumers of promotions, loyalty rewards or marketing information. OTI's Connect 3000 device will enable vending operators to view and manage their inventory in real time, as well as support the entire vending business lifecycle management process.

The unified solution will include a robust terminal management system (TMS), allowing vending operators to remotely manage their networks in real time and remotely update payments to the latest EMV requirements. In addition to serving as the primary controller unit, the TMS will connect the solution to OTI's payment service provider, while transferring deposited funds directly into the vending operator's bank account.

"Our integrated solution addresses a major unmet need in the global vending market for a highly secure payment system that accepts both open- and closed-loop transactions," said OTI chief executive Shlomi Cohen. The partnership, he claimed, provides an industry first by offering vending operators a turnkey solution that integrates the cashless payment hardware with telemetry, payment processing and cloud-based system management.

All Microtronic installations at workplaces and more than 200,000 public locations can be easily retrofitted to profit from the complementary OTI payment and telemetry features, according to the companies.

OTI and Microtronic will reveal the new solution at VendItalia, Europe's main vending exhibition, in Milan, Italy, on May 4. The partners plan to begin marketing and selling the unified solution under the Microtronic brand starting in June.