Users hold an electronic key fob next to a reader at checkout to make purchases.
OTI - On Track Innovations (Nasdaq:OTIV; XETRA:OT5) today announced that it has received certification from American Express to support the ExpressPay contactless payment program. OTI has already been approved to support MasterCard's PayPass card and reader solutions.
ExpressPay is an easy-to-use alternative to cash for making purchases at merchants where speed and convenience are important, such as quick serve restaurants, supermarkets, drug stores, gas stations, and corporate cafeterias. Users hold an ExpressPay key fob next to a companion reader at checkout to make purchases. Payment is authorized in seconds and no signature is required, as the system links directly to an existing credit, charge or debit card to fund the purchase.
Published by Globes [online] - www.globes.co.il - on Thursday, December 02, 2004