OTI Supplies Contactless Payment Devices Such as Key Fobs, Smart Stickers and Saturn 6000 Contactless Readers
FORT LEE, N.J. and ISTANBUL, Turkey, June 29, 2009 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. (OTI) (Nasdaq:OTIV), a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, petroleum payments and other applications, today announced that HSBC Bank A.S. which serves the Turkish market and is a member of the HSBC group, selected OTI's contactless payments product suite for HSBC's MasterCard PayPass program named 'Advantage Hizz' ("Fast" in Turkish). Initial orders for contactless payment devices such as key fobs and smart stickers have already been received.
HSBC advertises Advantage Hizz as "the fastest way of advantageous shopping, relieves you from signature and password formalities on purchases of less than 35 Turkish Lira (around $20 US)". On top of the traditional credit card form factor, HSBC offers "credit card in the form of key fob and sticker. You can accelerate your shopping process by choosing the card that is convenient for you." Advantage Hizz form factors can be accepted in 4,000 quick-serve restaurants and cafes, convenient stores, book & music stores, accessory stores, groceries and supermarkets. HSBC is targeting technology savvy young professionals and university students.
OTI is a leading supplier of contactless payment technology to the advanced Turkish contactless payments market offering payment devices and contactless readers. OTI's Smart Sticker is an entirely self-contained, contactless payment device that adheres to multiple surfaces including mobile phones, PDAs and more. Designed with unique materials and IP, OTI's Smart Sticker has printing and durability that matches regular (ID1) size cards.
OTI's Key Fob is a complete solution designed to meet the card associations' requirements. OTI's extensive experience provides a secure, reliable and cost effective way to bring contactless solutions to the market in any form factor needed. OTI's solutions meet the stringent security requirements of the payments industry, while also providing the speed and convenience that is essential for contactless transactions.
Oded Bashan, CEO & Chairman of OTI, said: "HSBC A.S. is another customer in the advanced Turkish market using OTI's contactless payment products. We believe that OTI's unique and innovative product offering will assist HSBC in successfully introducing the Advantage Hizz contactless program."
About OTI
Established in 1990, OTI (Nasdaq:OTIV) designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets.
