Topic “On Track Innovations”

Parties Could Settle Lawsuits Stemming from Dispute over Apple Value-Added Services Software

NFC TIMES Exclusive –  Software that enables consumers to tap to pay and earn or redeem rewards and other value-added services with Apple Pay is at the center of a legal dispute between Israel-based NFC and contactless reader vendor On Track Innovations and USA Technologies, a provider of payment technology for vending machines and other self-service retail locations.

Vendor Blames Certification Woes for Slow Rollout of Payments Wearables

NFC TIMES Exclusive – A costly and time-consuming payments wearables certification process is a major contributor to delays in payments wearables getting into the hands of more consumers, Israel-based On Track Innovations’ director of marketing and head of innovations Nir Barr told NFC Times.

Long-Struggling OTI Makes Progress Toward Achieving Profitability; Still Refuses to Give Guidance

NFC Times Exclusive Insight – After years of effort, Israel-based contactless reader and NFC vendor On Track Innovations achieved a rare quarterly operating profit from continuing operations, thanks to cost cutting and a high gross margin, helped by a onetime licensing fee. But it still showed a net loss and the cost reductions may have bottomed out.

OTI Continues to Cut Costs and Position Itself for Growth, but Won’t Project When It Will Finally Turn Profit

NFC Times Exclusive Insight – Contactless reader and NFC vendor On Track Innovations reported lower expenses and says it has positioned itself to earn more revenue from services in addition to its reader sales and possible NFC patent income–all in hopes of making the company profitable for the first time in its history. The question of when that will happen remains unanswered, however, and OTI doesn’t provide guidance.

OTI Takes Steps to Reach Profitability, But Remains Mum on Guidance

NFC Times Exclusive Insight – On Track Innovations CEO Shlomi Cohen sought to reassure investors that the company he took over nine months ago is more competitive and is moving toward profitability, though he declines to predict when it will turn its first yearly profit since its founding in 1990.

OTI Cuts Costs, Reports New Orders, but Road to Profitability Remains Long

NFC Times Exclusive Insight – Six months after taking the helm of Israel-based On Track Innovations, CEO Shlomi Cohen is seeking to convince investors he can turn around the contactless reader and NFC vendor, which has been struggling despite greater global demand for the company’s main product, contactless readers.

Analysis: OTI Attempts Seeks to Enable Payments on Wearables

Mar 24 2016

NFC Times Exclusive Insight – Israel-based contactless reader and NFC vendor On Track Innovations is hoping a planned move to enable the provisioning of payment applications onto wearable devices, will generate recurring revenue and help bolster its finances.

Banks Warm to Idea of Cardless ATM Transactions; NFC Could Play Leading Role

NFC Times Exclusive Insight – Cardless ATM transactions are little more than a novelty now, but momentum is building, with three major U.S. banks, JPMorgan Chase, Bank of America and Wells Fargo having announced or disclosed plans to enable customers to withdraw cash using their mobile phones. That may include support for such NFC mobile wallets as Apple Pay for at least some of the ATMs.

OTI Announces Partnership to Supply Readers, Though Share Price Trades Near Historic Lows

Jan 26 2016

NFC Times Exclusive Insight – Israel-based On Track Innovations has announced a partnership with an undisclosed global provider of magnetic card readers whose products are used in financial self-service terminals, such as ATMs, but the deal has not yet had a substantial impact on OTI's share price, which is trading near historic lows.

OTI Share Price Falls After Disappointing Q3 Earnings Report

NFC Times Exclusive Insight – Three months after new CEO Shlomi Cohen took the reins, Israel-based NFC and contactless vendor On Track Innovations reported a 31% sequential drop in revenue and a continued slump in contactless point-of-sale reader sales for the third quarter.

HEADLINE NEWS

Developer of Visa Transit SAM Says Technology Could Help Turn Closed-Loop Ticketing System into EMV Payments Service

Mar 14 2019

NFC TIMES Exclusive – The developer of Visa’s new transit secure-access module, or SAM, said the technology could potentially help turn even a low-end, closed-loop transit-ticketing system, such as Mifare Classic, into an EMV-enabled payments system–although that could still require transit operators to install new acceptance terminals, and they would still need to set up a back-end system to support it.

Swedish Watchmaker Latest Passive Wearables Maker with Plans to Enable Payments

NFC TIMES Exclusive Insight – Small Swedish analog watchmaker TRIWA next week plans to launch payments wearables enabled for tokenized Mastercard-branded cards issued by Swedish banking group SEB, with provisioning company Fidesmo telling NFC Times there will be more watch brands to come enabling payments.

Analysis: Apple’s Planned Credit Card with Goldman Sachs Unlikely to Significantly Boost Apple Pay

NFC TIMES Exclusive Insight – While Apple’s deal with Goldman Sachs to jointly roll out a new credit card this year integrated with Apple Pay and Apple’s devices made headlines Thursday, it was neither the first news of this partnership nor the first deal of its kind for Apple.

Sony Launches Smart Strap in Europe Supporting NFC Payments; High-End Device Costs as Much as Latest Apple Watch

Feb 16 2019

NFC TIMES Exclusive Insight – Sony has introduced its NFC-enabled smart watch strap, Wena, to the UK and Ireland, which will allow users to turn their analog watches into hybrid smartwatches and tap the straps to pay with tokenized EMV-compliant cards loaded into the devices from wallet apps.

Open-Loop Payments to Launch on London’s Airport Train Service with Calls for Further Expansion

Feb 15 2019

NFC TIMES Exclusive Insight – ­The Heathrow Express airport line serving London will begin accepting contactless open-loop payments along with closed-loop Oyster cards next week–more than six years after commuters first could pay by tapping their bank cards and NFC phones to ride on buses on the separate Transport for London system.

In-Depth: More U.S. Issuers to Join Contactless Card Rollout; Adoption Expected to Surpass NFC Wallets

NFC TIMES Exclusive Insight – There is more evidence that U.S. banks will be moving a substantial portion of their card base to contactless over the next few years, as they reissue their basic EMV cards with a contactless interface, giving American consumers more opportunities to tap to pay than ever before.

USA Technologies Feels Wrath of Investors After Admitting Financial Irregularities and Audit Firm Quits

NFC TIMES Exclusive Insight – USA Technologies, or USAT, which has been the largest enabler of card and contactless payments on vending machines in the U.S., saw half its market cap wiped yesterday, after its independent audit firm, RSM US, resigned, saying it could no longer rely on USAT’s representations in connection with the 2017 audit of the company.

In-Depth: Payments Wearables Market Enters New Phase as Passive Devices Get Tokenized Bank Cards

Feb 22 2019

NFC TIMES Exclusive – With the announcement this month by large analog watchmaker Swatch of the expansion of its digital payments service SwatchPAY! to Europe, the payments wearables market could see a considerable change.

Provisioning Tokens to Swatch Watches in the Store: How SwatchPAY! Works

NFC TIMES Exclusive – Switzerland-based watchmaker Swatch plans to roll out its SwatchPAY! contactless payments service to a number of European countries and then perhaps globally, representing budding competition to Apple Pay, Fitbit Pay and Garmin Pay. But unlike these three smartwatch-enabled Pays services and others, SwatchPAY! uses low-cost analog watches as its payments devices.

Cook Discloses Apple Pay Transactions Showing That Growth Continues, Albeit Somewhat More Slowly Than Before

NFC TIMES Exclusive Insight – Apple Tuesday reported that its digital payments service recorded more than 1.8 billion transactions globally in the tech giant’s fiscal first quarter ending in December, more than double compared with the same quarter a year earlier–though transaction growth is slowing and transactions still represent a small percentage of total card transactions.

Garmin Pay Welcomes Support from Third U.S. Network but More Competition on Horizon

NFC TIMES Exclusive Insight – Garmin Pay added a third network to its smartwatch payments service in the U.S. this week, enabling Discover Financial Services-branded cards to be loaded onto its NFC-enabled devices, as more acceptance points for NFC payments in the U.S. come online to give consumers additional places to tap to pay.

Another Major Holdout Among Major U.S. Merchants, Target, Agrees to Accept Contactless and NFC Payments

NFC Times Exclusive Insight – Acceptance of contactless and NFC payments in the U.S. has lagged behind many other developed markets for years, but that continues to change, with another major merchant–big box retailer and top 10 U.S. chain Target­–announcing Tuesday that it would soon take tap and pay.