OTI Receives Approval To Support Payments For Vending Machines In European Union

ROSH PINA, Israel -- On Track Innovations Ltd., a global provider of near-field communication and cashless payment solutions, has received approval to support payment processing services for vending and kiosk operators in the European Union.

As part of the process, OTI partnered with a multinational bank and payment processor, which tested its NFC readers and telemetry solutions for reliability and security. OTI's technology combines its otiMetry software with its Connect 3000 and NFC-based readers. The company claims this combination enables vending machine and kiosk operators to accept cashless payments at low transaction rates.

Transactions will be sent electronically to OTI's payment processor and banking partners for processing, with the operator receiving payment as a direct deposit shortly after the transaction is made. As part of the service, operators can subscribe on a monthly basis to OTI's terminal management system, a cloud-based application that insures system connectivity and timely monitoring.

OTI said it now supports full coverage of payment processing services for vending machine and kiosk operators in the EU, and kiosk operators in the U.S. through its recent partnership with Scottsdale, AZ-based Apriva.

"Many vending machine and kiosk operators do not accept electronic payments because its deployment has been too complex, expensive and fragmented across vendors, with high transaction fees and system maintenance costs threatening to cut into profits," said OTI chief executive Shlomi Cohen. "But now, with the proliferation of consumers with NFC-enabled mobile devices, we are hearing a loud call for a better solution. Operators are demanding a turnkey solution that integrates the cashless payment hardware with telemetry, low-fee payment processing, and cloud-based system management. Our new offering delivers just that."