ROSH PINA, ISRAEL--(Marketwired - Mar 7, 2016) - On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment systems, has launched its "My Chip Buddy" marketing campaign to promote the company's new PayEnable™ platform.
The PayEnable platform offers manufacturers and designers a simple and affordable way to convert their existing products into NFC-enabled devices and wearables. PayEnabled products support a variety of NFC applications and can be used to making payments wherever contactless payments are accepted.
With its recently launched My Chip Buddy campaign, oti will actively promote the platform through a series of short videos. Each video will depict a chipmunk character accompanying a person, as he uses a PayEnabled device to perform a specific application or transaction. While the device is responsible for performing the application, the "chip buddy" is portrayed as the agent completing the action.
"Having a chipmunk figure symbolizes how easy and effective it is to use PayEnabled devices to support one's daily purchasing activities," said Neil Barr, oti's director of marketing. "Manufacturers and designers appreciate this feature-rich technology because it optimizes and expands their products' overall utility. Now, single-use consumer products, such as a watch or key fob, can be transformed into a credit card, a loyalty and reward card, or a gift card -- all with the simple use and reliability afforded by oti's proprietary NFC-based solutions."
Hardware currently used in the PayEnable platform includes oti's PayCapsule and PayCapsule-Flex, which are ideal for applications that require storing information in a highly-secure manner, such as healthcare applications, access control, smart home, and a variety of payment-related transactions. In addition to its own hardware, oti plans to support third-party hardware in the near future.
"The platform offers the added advantage of being a flexible and cost-effective way for a manufacturer to enhance their current product offering, without having to resort to expensive product redesign or stringent service provider agreements," added Barr. "Due to this and other attractive selling propositions, we believe the PayEnable platform will accelerate our entry into the payment services industry, providing another 'sticky' recurring revenue component to our business. Longer term, PayEnable has the potential to become the technology foundation to enable cashless payments for the global Internet of Things."
About oti
On Track Innovations Ltd. (oti) is a leader in contactless and NFC applications based on its extensive patent and IP portfolio. oti's field-proven innovations have been deployed around the world to address NFC and other cashless payment solutions, petroleum payment and management, cashless parking fee collection systems and mass transit ticketing. oti markets and supports its solutions through a global network of regional offices and alliances. For more information, visit www.otiglobal.com.