On Track Innovations Receives Purchase Order for 5,000 Advanced Contactless Readers to the Widespread Russian Retail Self-Service MarketOTI Marketing
OTI Applies for Mir Certification, a Payment System Established by The Central Bank of Russia
Russian Payment Market Expected to be a Top Three Strategic Geography for OTI
ROSH PINNA, Israel, July 23, 2018 /PRNewswire/ — On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has received a purchase order for 5,000 advanced contactless readers to the massive Russian retail self-service market, which will be delivered by the third quarter of 2018. Due to confidentiality, the terms of the contract cannot be disclosed.
OTI has identified Russia as a top three strategic market, and as part of the company’s efforts to expand in the region they have applied for the Russian Mir certification, a Payment System Established by The Central Bank of Russia. Although this certification is not a pre-requisite for sales into Russia, OTI expects greater penetration of the Russian market once approved.
The Russian national payment system created the Mir payment card in 2014 with the primary objective of sovereign payments to be independent of foreign organizations. In 2016, 1.76 million Mir cards were issued by 64 banks. According to the Bank of Russia, in September 2017, 30 million Mir cards are planned for release. Unlike international payment card transactions, Mir transactions cannot be suspended, and no external financial or governmental factors control their processing.
“We have continuously invested in our growing list of esteemed certifications and expect the Russian Mir certification to follow in short order. These efforts have allowed OTI to rapidly expand on a global basis, while creating secure and cost-efficient cashless solutions that support today’s modern payment requirements,” said Shlomi Cohen, CEO of On Track Innovations. “As part of our efforts to expand internationally, we have set a keen focus on the Russian payments market, which is expected to be a top three geography for OTI moving forward. Over the past 18-months, we have worked tirelessly to grow our presence in the region where we have experienced tremendous interest, most recently, with our purchase order to deliver 5,000 advanced contactless readers by the third quarter of 2018.”