- Kraków-based mass transit ticketing subsidiary to act under a unified brand
- Contactless mobile ticketing is expected to account for 50% of fare collection in transportation by 2021
- ROSH PINA, Israel, November 13th, 2017 — On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, announced today it has rebranded its Kraków, Poland-based mass transit ticketing subsidiary, ASEC S.A., as OTI Europa.
“OTI is recognized as a powerful international brand in the NFC contactless technology and cashless payments market,” said Shlomi Cohen, OTI’s CEO. “Mass transit ticketing payments and usage are increasingly moving towards cashless and contactless platforms via mobile devices and NFC cards. Government initiatives and investments into automating mass transit, combined with enabling technologies, and the widespread use of connected devices in smart cities are driving these trends.”
Agnieszka Światły, General Manager of OTI Europa, added, “We look forward to a bright future in the global mass transportation market as OTI Europa. Under one brand, we channel our strengths to create a major force within the cashless payment solution arena.”
The global automated fare collection (AFC) market, part of which OTI Europa’s/OTI’s products address, enables automated ticketing systems for public transportation networks, and is estimated to reach $10.7 billion by 2025 according to Grand View Research.
Contactless mobile ticketing and is expected to account for 50% of fare collection in transportation by 2021.
OTI’s mass transit ticketing solutions include cashless payment solutions for contactless ticketing via ticket vending machines and e-ticketing through hundreds of ticket vending machines and point of sale terminals, as well as customer service centers in Europe.
On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology with an extensive patent and IP portfolio. OTI’s field-proven innovations have been deployed around the world to address cashless payment and management requirements for unattended retail and petroleum markets, the Internet of Things (IoT) and wearables. OTI distributes 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 the share of the contactless fare collection in transportation by 2021 of the entire fare collection, our growth, the growth of the market and the market trends. 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, 2016, 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.
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