Rosh Pina-based On Track Innovations (Nasdaq: OTIV; Prime Standard [Frankfurt]: OT5) today announced its smart card solution was being used by a major US theater multiplex in a MasterCard trial of revolutionary payment systems.
On Track Innovations (OTI) has developed a reader for MasterCard PayPass that allows customers to pay for admission tickets, as well as their snacks at the concession stands, by placing their PayPass enabled payment cards in front of a glass window.
The OTI SMART Antenna allows the card readers to function through the glass so that the payment card never has to leave the customer's hand, OTI says. The solution is currently installed at the Loews Universal Cineplex in Orlando, one of the country's largest movie theater multiplexes.
MasterCard PayPass is currently in trials with three of MasterCard's key member financial institutions in a pilot that involves more than 15,000 cardholders and 40 merchant locations in Orlando, Florida.
The new solution is designed to help consumers in quick payment environments where speed is essential, such as quick serve and casual restaurants, gas stations, drug stores, supermarkets and movie theaters.
OTI says its technology is an integral part of MasterCard's PayPass program, with different applications using varying components and services. A number of financial institutions are using the contactless smart card manufacturing technology and personalization software, while merchants are utilizing reader solutions and related software. For example, OTI provided a turnkey PayPass drive-thru solution for one local Orlando retailer.
OTI America president and CEO Ohad Bashan said, "As every moviegoer knows, the most frustrating aspect of going to the movies is waiting on the ticket and concession lines. You want to get your seats quickly and purchase refreshments before the movie starts. Our reader solution provides Loews with an innovative point-of-sale device that speeds up these transactions with a minimum investment in upgrading the existing point of sale terminal. Our technology allows Loews' staff to focus on great customer service without sacrificing crucial counter space."
Established in 1990, OTI develops microprocessor-based smart card technology for a wide variety of applications, including mass transit, parking, petroleum payment systems, loyalty programs, ID and secure campuses.
OTI shares closed on Nasdaq on Tuesday at $3.86.
Published by Globes [online] - www.globes.co.il - on 2 April, 2003