OTI Applies for Mir Certification, a Payment System Established by The Central Bank of Russia
Russian Payment Market Expected to be a Top Three Strategic Geography for OTI
ROSH PINNA, Israel, July 23, 2018 /PRNewswire/ — On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has received a purchase order for 5,000 advanced contactless readers to the massive Russian retail self-service market, which will be delivered by the third quarter of 2018. Due to confidentiality, the terms of the contract cannot be disclosed.
OTI has identified Russia as a top three strategic market, and as part of the company’s efforts to expand in the region they have applied for the Russian Mir certification, a Payment System Established by The Central Bank of Russia. Although this certification is not a pre-requisite for sales into Russia, OTI expects greater penetration of the Russian market once approved.
The Russian national payment system created the Mir payment card in 2014 with the primary objective of sovereign payments to be independent of foreign organizations. In 2016, 1.76 million Mir cards were issued by 64 banks. According to the Bank of Russia, in September 2017, 30 million Mir cards are planned for release. Unlike international payment card transactions, Mir transactions cannot be suspended, and no external financial or governmental factors control their processing.
“We have continuously invested in our growing list of esteemed certifications and expect the Russian Mir certification to follow in short order. These efforts have allowed OTI to rapidly expand on a global basis, while creating secure and cost-efficient cashless solutions that support today’s modern payment requirements,” said Shlomi Cohen, CEO of On Track Innovations. “As part of our efforts to expand internationally, we have set a keen focus on the Russian payments market, which is expected to be a top three geography for OTI moving forward. Over the past 18-months, we have worked tirelessly to grow our presence in the region where we have experienced tremendous interest, most recently, with our purchase order to deliver 5,000 advanced contactless readers by the third quarter of 2018.”
On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. OTI’s field-proven innovations have been deployed around the world to address cashless payment and management requirements for the Internet of Payment Things (IoPT), wearables, automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit www.otiglobal.com.
Safe Harbor / Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Any statements that are not statements of historical fact should be considered forward looking statements. Whenever we use words such as “plan,” “will” “expect,” “anticipate,” “intend,” “would,” “should,” “can” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss, among others: our plans for the future, our expectations regarding future product launches and growth into new markets such as the Russian market, sources of revenue and anticipated revenue, including the contribution from the growth of new products, services and markets and our expectation of bringing tremendous value to our industry while generating predictable, high-margin, recurring revenues for the Company and great value for our shareholders. Forward-looking statements are made as of the date of this document and are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are stated under the captions “Risk Factors” in our most recent Annual Report (Form 10-K) and other known and unknown uncertainties and risk factors including those detailed from time to time in the Company’s filings with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements.
Investor Relations Contact:
MZ North America