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

Visa and Mastercard Forecast More Growth in Contactless in U.S., Spurred in Part by New York Fare Payments Service

NFC TIMES Exclusive Insight - The heads of the two largest payments networks in the U.S., Visa and Mastercard, predict strong growth for contactless payments in the U.S., with Mastercard CEO Ajay Banga noting that 70% of U.S. Mastercard-branded cards in the U.S. are coming up for reissue over the next 12 to 14 months, and most of these cards will be issued with a contactless interface. A large number of Visa-branded cards will be reissued with a contactless interface during that period, as well.

Transport Officials in Sydney See Growing Demand for Contactless Fare Payments but Have No Plans to Retire Closed-Loop Opal

NFC TIMES Exclusive Insight – Transport officials in Australia have released figures on use of contactless payments in Sydney and New South Wales, showing that customers tap their contactless credit and debit cards and NFC devices for an average of 1.5 million transactions per week, accounting for a relatively small but respectable number of transactions.

Insight: Moovit and Cubic Betting that MaaS Can Help U.S. Transit Agencies Regain Lost Ridership

Jan 24 2020

NFC TIMES Exclusive Insight – With public transit ridership decreasing in most large U.S. cities over the past five years, transit authorities are more open to becoming part of Mobility-as-a-Service platforms, which could potentially increase ridership for their rail and bus networks while offering customers options for the first and last mile. 

Philadelphia Transit Authority Confirms Plans for Launch of Open-Loop Payments after Delays

NFC TIMES Exclusive Insight – The Southeastern Pennsylvania Transportation Authority, or SEPTA, in Philadelphia plans to introduce open-loop payments of fares, with a pilot scheduled for around June, a spokesman confirmed to NFC Times. It makes SEPTA part of a small but growing number of U.S. transit agencies that are accepting payments of fares from contactless bank cards and NFC wallets or are planning to do so.

Contactless Payments of Fares Gets Slow Start in Miami, According to Figures

NFC TIMES Exclusive – Take-up of open-loop contactless payment of fares in Miami-Dade County, Fla., has been slow so far, more than four months after transit

Mobility as a Service Continues to Get Rolling with Uber Expanding Service to Second U.S. City

NFC TIMES Exclusive Insight – Mobility as a service is expected to reshape the traditional transport industry, and while it is just getting rolling, the pace is starting to pick up. The latest bit of momentum came this week when global ride-hailing service Uber announced it will enable mass transit riders to buy and redeem tickets from its app in a second U.S. city, Las Vegas.

Contactless EMV Card Rollout in U.S. to Pick Up Speed in 2020, but Shape of Adoption Remains Unclear

NFC TIMES Exclusive Insight – With contactless EMV cards expected to have a significant footprint in the U.S. in 2020, the debate continues over whether the rollout will promote or harm take-up of NFC mobile payments and whether contactless open-loop transit payments will make a real impact on use of contactless at the retail point of sale.

More Open-Loop Transit Payments Services to Launch in Taiwan

Dec 24 2019

NFC TIMES Exclusive Insight – Taiwan’s airport train service will begin accepting Visa- and Mastercard-branded credit cards starting next month, making it the second mass-transit service on the island nation to support open-loop payments for fares.

In-Depth: China Moving Forward On Face Payments of Transit Fares, Despite Some Hesitation by Users of Technology

NFC TIMES Exclusive Insight –  More and more Chinese cities are trialing use of facial recognition technology for transit ticketing, a development that could enable users to avoid either cards or smartphones to pay fares on subways and other modes of transit.

Apple Launches Express Transit in London; Mobility Service also Adds NFC Payments Feature in Apple Wallet

NFC TIMES Exclusive Insight – Apple has expanded its Express Transit service to another major market, enabling Apple Pay users to pay for fares on Transport for London-run trains and buses without first authenticating themselves on the NFC devices.

Analysis: Outlook Remains Dim for Bank Mobile Wallets as Another Major Bank Plans to Shut Down its Wallet App

NFC TIMES Exclusive Insight – Major Dutch bank ABN Amro will discontinue its NFC-enabled mobile wallet in January, a little more than three years after launching the app in late 2016, with the bank acknowledging that few customers use the service.

Use of Contactless EMV to Pay Transit Fares Accelerating, According to Two Agencies That Launched Service This Year

NFC TIMES Exclusive Insight – Two transit agencies, one large and one small, that began accepting contactless bank cards and NFC wallets to pay fares in recent months are reporting that use of the new payments services is accelerating among their customers.