On Track Innovations from Rosh Pinna, Israel, announced that it has received the MIR National Card Payment System organization certification in the Russian market. The Russian national payment system created the MIR payment card in 2014 with the primary objective of making sovereign payments fully independent of foreign organizations.
As opposed to traditional international payment card transactions, MIR transactions cannot be suspended, as no external financial or governmental factors control their processing. By the end of 2016, 1.8 million MIR cards had been issued by 64 banks, and according to the Bank of Russiaas of September 2017, a total of 30 million MIR cards are planned for release.
OTI expects to deliver 5,000 advanced payment systems to the Russian market in the third quarter of 2018, for which OTI will recognize a one-time sale, followed by a high-margin, recurring revenue stream over the long-term. The MIR certification was granted after tests between OTI and MIR concluded with zero errors.
On Track Innovations provides secure cashless payment solutions using contactless NFC technology. The company’s total revenue in the second quarter of 2018 was $6.2 million, compared to $6.9 million in the same year-ago period. Revenues in the first half of 2018 increased 10% to $12.0 million, compared to $11.0 million in the first half of 2017.