On Track Innovations (oti), a provider of NFC and cashless payment solutions, has won approval to support payment processing services for vending and kiosk operators in the European Union (EU) and US.
In order to support full coverage of payment processing services, oti has teamed up with a multinational bank and a payment processor, who have tested oti’s NFC readers and telemetry solutions.
The solution combines oti’s otiMetry telemetry software with its CONNECT 3000 and line of NFC-based readers, allowing vending machine and kiosk operators to accept cashless payments at low transaction rates.
Using this solution, transactions will be sent electronically to oti’s payment processor and banking partners for processing, with the operator receiving payment as a direct deposit soon after the transaction is made.
Also, operators can subscribe on a monthly basis to oti’s terminal management system, a cloud-based application that insures system connectivity and timely monitoring.
oti in collaboration with Apriva now supports payment processing services for vending machine and kiosk operators in the EU, and kiosk operators in the US.
Additionally, the company is planning to use its internal sales capabilities, as well as new distributor relationships with providers such as MDS Electronics and Nexus Machines, to market the solution.
oti CEO Shlomi Cohen said:"But now, with the proliferation of consumers with NFC-enabled mobile devices, we are hearing a loud call for a better solution. Operators are demanding a turn-key solution that integrates the cashless payment hardware with telemetry, low-fee payment processing, and cloud-based system management. Our new offering delivers just that."
"Further, we have formed global commercial bank and payments processing relationships that leverage the unique capability and security of our readers to achieve the lowest possible transaction fees."