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.
It's one of the first significant announcements in the past year for OTI, although it was not an announcement of actual orders. The deal would use its Saturn 6700 UNO and new Saturn 8700 UNO NFC readers for terminals. These NFC readers are also targeted at vending machines, gaming and gambling terminals, kiosks and mass transit gates.
The announcement emphasizes that marketing to the new partner's existing customer base has begun and that OTI and its partner are targeting the retrofitting of more than 200,000 existing terminals, with a total addressable market of more than 3 million terminals worldwide. OTI hopes to get orders as soon as the second quarter.