ROSH PINNA, Israel, Aug. 22, 2018 /PRNewswire/ -- On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today announced that it has received the MIR National Card Payment System organization certification in the Russian market.
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. Due to confidentiality, the terms of the contract cannot be disclosed.
The MIR certification was granted after tests between OTI and MIR concluded with zero errors.
This certification grants OTI's Russian customers the ability to use OTI's cashless payment solutions within 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 Russia as of September 2017, a total of 30 million MIR cards are planned for release.
"We are very pleased to announce our receipt of the MIR certification, a key component of our strategy to penetrate the strategic Russian unattended payment market," said Shlomi Cohen, Chief Executive Officer of On Track Innovations. "Our successful tests concluded with zero errors, making our solution a clear favorite for the industry. We currently expect to deliver at least 5,000 advanced payment systems to the Russian market in Q3 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.
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SOURCE On Track Innovations Ltd. (OTI)