On Track Innovations Completes New Cryptocurrency Payment Solution for Automated Machines and Micropayment Market

OTI Releases Video with Use Case Example for Cryptocurrency Solution

On Track Innovations Ltd. (OTI), a global provider of near field communication (NFC) and cashless payment solutions, has launched its cryptocurrency (CC) payment solution for the micropayment market and automated machines. To OTI’s knowledge, this is the first and only CC payment solution on the market today for automated machines and the micropayment market.

The innovative OTI system, which was developed following extensive research into the market, allows the use of (CC) standard mobile wallets. The company’s solution is simple, easy to use, fully secure method for micropayments, and tackles the significant challenges of CC in automated machines and micro-payments. This ground-breaking payment solution provides high-speed, low-fee transactions, while also solving global currency exchange issues that may arise from using CC as a form of payment.

“As a leader in cashless payment solutions over the past 28 years with a large installed base of technology solutions across the globe, introducing the ability to pay with cryptocurrencies seemed like a natural fit for our products, while also providing our customers and consumers with even more payment options,” said Shlomi Cohen, OTI’s Chief Executive Officer. “We’ve always prided ourselves as being a company that is large enough to service some of the world’s largest companies, yet nimble and flexible enough to rapidly adopt new technologies, such as cryptocurrencies.”

“We intimately understand the cryptocurrency market, as well as all players involved. After thorough evaluation and market research, we decided that OTI would invest some of our resources towards developing a solution to address this market. To our knowledge, there is no other solution on the market today and is yet another solution that adapts to our customer needs and preferences. Although this cryptocurrency solution may take time for customer adoption and generations of meaningful sales, we believe this new product offering will add great value for our shareholders, and contribute to OTI’s growth over the long-term,” added Shlomi Cohen.