OTI Launches Breakthrough Wearable Payment Device - Beautiful Silver Ring with Smart Payment Bling
November 29 2016 - 8:31AM
On Track Innovations Ltd.
(OTI) (NASDAQ:OTIV), a
global provider of near field communication (NFC) and cashless
payment solutions, today announced the launch of its latest
innovative PayEnabled device –the Ring of Things. The sterling
silver and onyx designed ring is a payment device packed with the
latest Internet of Things (IoT) technologies including secure
payment, gyro-based motion control and smartphone notifications.
The Ring of Things is a vivid example of OTI’s PayEnable
platform’s versatility in turning ordinary products into the latest
and coolest smart payment devices. Industries that can benefit from
using PayEnable technology include jewelry, fashion, automotive,
banking, travel, smart home and entertainment.
The wearable payments market is forecast to grow at 177% per
year between 2015 and 2020, accounting for an annual $500 billion
worth of transaction volume by 2020, according to Tractica.
“It is a very exciting time to be part of the Internet of Things
revolution,” said Shlomi Cohen, OTI CEO. “The tiny form factor and
easy to integrate nature of our payment technology is a great fit
for any wearables manufacturer wanting to gadgetize and add secure
cashless payment functionality to their existing products.”
PayEnable greatly simplifies the difficult and costly processes
manufacturers face when trying to independently set-up secure
payment systems for their products. PayEnable also deals with the
technical and regulatory pain points, making it a very attractive,
cost effective proposition for manufacturers who want to enter the
booming wearables market.
PayEnabled products like the Ring of Things are feature rich and
can support a wide variety of applications including: cashless
payments, closed-loop payments, loyalty and reward programs, gift
cards and even advanced features like in-store promotions, and
brand authentication (anti-counterfeit).
A tiny computer platform integrated into the ring accurately
senses motion and wirelessly transmits in real time either raw or
processed data to any external device. This allows the Ring of
Things to communicate with other smart devices such as handheld
devices, smart TVs, virtual reality headsets, etc. enabling natural
and seamless motion control for payments, gaming, entertainment,
and fitness.
OTI collaborated with UK-based DigiSEq whose Provisioning as a
Service platform provided OTI complete control over the processes
and allowed secure provisioning of The Ring of Things in the
manufacturing facility. The collaboration with DigiSEq provides
OTI’s clients with the ability to provision their PayEnabled
products in their manufacturing facility or in the stores - cutting
costs dramatically and provides unprecedented flexibility.
About OTI
On Track Innovations Ltd. (OTI) is a leader in contactless and
NFC applications based on its extensive patent and IP portfolio.
OTI's field-proven innovations have been deployed around the world
to address NFC and other cashless payment solutions, petroleum
payment and management, cashless parking fee collection systems and
mass transit ticketing. OTI markets and supports its solutions
through a global network of regional offices and alliances. For
more information, visit www.otiglobal.com.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements within
the meaning 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. For
example, we are using forward-looking statements when we discuss
our expectations regarding our growth or profitability, reduction
of costs and expenses, expected divestitures, plans for our
existing and new products and services, penetration of new markets
and securing new customers, contributions of our regions to our
growth, resolution of our outstanding patent infringement claims,
strengthening of our balance sheet and delivery long-term
shareholder value. 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. Forward-looking
statements could be impacted by the effects of the protracted
evaluation and validation periods in the U.S. and other markets for
contactless payment cards, or new and existing products and our
ability to execute production on orders, as well as other risks and
uncertainties, including those discussed in the "Risk Factors"
section and elsewhere in our Annual Report on Form 10-K for the
year ended December 31, 2015, and in subsequent filings with the
Securities and Exchange Commission. Although we believe that the
expectations reflected in such forward-looking statements are based
on reasonable assumptions, we can give no assurance that our
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.
OTI Press Contact:
Neil Barr
Director of Marketing
+972-4-686-8004
press@otiglobal.com
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