On Track Innovations Ltd., a provider of near field communication and cashless payment systems, is in the news this week.
The company confirmed to MMW on Monday that it has formed a strategic partnership with Swiss-based Microtronic, one of the leading European providers of closed loop cashless payment systems for vending and office coffee service (OCS).
The announcement comes amid a wave of reports that consumers no longer want their ability to access vending machine to hinge upon paper and coins.
“The companies will introduce a solution that integrates Microtronic’s award-winning e-vending and closed loop payment solution into oti’s CONNECT 3000 telemetry device and proven line of TRIO and UNO NFC cashless readers,” a provided statement reads. “The new and unique system will offer vending operators a unified solution that accepts traditional credit and debit cards (open loop), as well as prepaid NFC payment cards and wearables (closed loop).”
Microtronic will also incorporate its award-winning e-vending mobile payment and marketing solution into oti’s CONNECT 3000. This will allow vending consumers to download the e-vending mobile app and scan QR codes on vending machines to purchase products. The app will notify consumers of special promotions, loyalty rewards or any type of marketing information. oti’s CONNECT 3000 device will enable vending operators to view and manage their inventory in real-time, as well as support the entire vending business lifecycle management process.
“Our integrated solution addresses a major unmet need in the global vending market for a highly secure payment system that accepts both open and closed loop transactions,” said oti CEO Shlomi Cohen. “By partnering with Microtronic, the leading prepaid vending solution provider in Europe, we can now offer vending operators a turn-key solution that integrates the cashless payment hardware with telemetry, payment processing, and cloud-based system management. This type of solution is an industry first, demonstrating oti’s commitment to innovation and strategic partnering with industry leaders, like Microtronic. It also reflects our strategy of expanding our recurring revenue sources, which will provide greater visibility and predictability of our business.”