OTI Brings Crypto-currency to Vending Machines
27 March, 2018
The company believes this is the first and only CC payment solution on the market today for automated machines
From now on, Virtual Currency is less virtual than it was before: On Track Innovations Ltd. from Rosh Pinna, Israel has launched a crypto-currency (CC) payment solution for the micropayment market and automated machines. The company believes this is the first and only CC payment solution on the market today for automated machines.
The system was developed following extensive research into the market, and allows the use of (CC) standard mobile wallets. “The ability to pay with cryptocurrencies seemed like a natural fit for our products (cashless payment solutions),” said Shlomi Cohen, OTI’s Chief Executive Officer. “After thorough evaluation and market research, we decided that OTI would invest some of our resources towards developing a solution to address this market.”
On Track Innovations (OTI) expertizes in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. Two years ago it began a strategic shift from being a product company to software and complete turnkey solutions. This change brought to revenues growth of approximately 21%. Revenues in 2017 increased to $22.4 million, compared to $20.6 million in 2016. Cohen belives it is just the beginning: “We expect 2018 to be a breakout year for OTI, driven by particular strength in our ‘smart’ cashless ATM readers, cryptocurrency efforts, and accelerated penetration in Japan.”
For video that explains the cryptocurrency payment solution, click here.