OTI and Hemisphere West Europe Partner To Offer Powerful Cashless Payment Solutions for the UK Unattended Retail Markets
January 17 2017 - 8:31AM
On Track Innovations Ltd. (OTI) (NASDAQ:OTIV), a global provider of
near field communication (NFC) and cashless payment solutions,
today announced it has appointed Hemisphere West Europe (HWE) as
its exclusive distributor of NFC-based cashless payment and
telemetry solutions for vending, kiosk and coin-operated pulse
machine operators in the United Kingdom.
HWE will offer OTI’s three major cashless payment solutions to
their customers. otiMetry for vending machine operators, otiKiosk
for kiosk and micro-market operators, and PayActiv8 which targets
coin-operated pulse machine operators who want to add cashless
payment acceptance to their machines.
Each solution utilizes OTI’s patented hardware and software
components, including cashless payment readers, connectivity
devices and terminal management systems (TMS) and will provide
HWE’s customers with an affordable end-to-end solution to manage
and support their entire business management process.
According to the 2015 European Vending Association Report, the
UK generates more than €2 billion in vending revenue each year, and
is the 2nd largest vending market in Europe. There are more than
500,000 vending machines in the UK, representing 1 of every 9
vending machines in Europe.
“Only 25% of vending machines in the UK currently accept
cashless payments,” says Eran Bar, OTI’s Sales Manager for Europe,
Middle East, and Africa (EMEA) region. “The remaining 75%
represents a huge opportunity for OTI, and our strategic alliance
with HWE is an extremely important key to our growth and success in
2017.”
The UK is also experiencing a huge growth in micro markets,
whereby corporate offices set up self-checkout food facilities for
their employees. OTI has successfully deployed their otiKiosk
solution in many micro markets in the United States through HWE’s
sister company, Unattended Card Payments (UCP) Inc.
About Hemisphere West EuropeFor over 14 years
Hemisphere West Europe Ltd (HWE) have specialized in
unattended payment solutions, today we are heavily focused on the
credit card acceptance market. We have a detailed understanding of
all three key components in accepting credit cards in UK &
European markets – hardware, Payment Gateways and Acquirers, only
with this knowledge can accurate advice be given to our customers
to ensure the best solution is provided for their application.
Working with our partner suppliers we offer credit card hardware
and payment gateway services in all verticals such as Amusement,
Car Parking, Kiosk, Laundromat & Vending. For more information
please visit www.hweurope.com.
Our sister company Unattended Card Payments
Inc. (UCP) offer the same services in the North American
market.
About OTIOn 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 StatementsThis
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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