ROSH PINA, Israel & CAPE TOWN, South Africa--(BUSINESS WIRE)--OTI Ltd. (NASDAQ:OTIV), a global leader in cashless payment solutions, announces that OTI PetroSmart, its wholly owned subsidiary and a global Value Added Reseller (VAR) of petroleum equipment, has introduced an innovative new smart vehicle ‘Moon Tag’ that expands the use of its 'EasyFuel Plus' system to the consumer market.
OTI's petroleum payment solutions have already been deployed in 43 countries, more than 1,600 gas stations and over 100,000 commercial vehicles. EasyFuel Plus provides Automated Vehicle Identification (AVI) services with its contactless smart read-write tag mounted around the fuel inlet of the vehicle. When a fuel nozzle fitted with the OTI contactless reader is inserted into the vehicle's fuel inlet, contactless communication is established automatically. Once the vehicle's payment card details are verified, fuel can be dispensed.
At its introduction, the 'EasyFuel Plus' system served commercial fleet owners by automating the fuel payment process, saving time and preventing fraud. This next evolution of the system expands into the private sector so consumers can settle payment automatically without swiping their credit card or paying in a convenience store. Additionally, loyalty points can be awarded automatically per each refueling.
For the oil companies, 'EasyFuel Plus' is the ultimate loyalty system. Consumers will return to branded stations with the EasyFuel Plus feature for its ease of use and loyalty points.
For the consumer market, OTI developed a low-cost vehicle tag that is easily installed on any vehicle. The Moon Tag moniker comes from its 'one-fits-all' shape.
"We are very excited about our new 'Moon Tag' solution as it opens up also the huge retail market opportunity for the EasyFuel system", said Charlotte Hambly-Nuss, managing director for OTI PetroSmart. "We are hitting the ground running with a keen interest from the retail gas station market, since this product is being recognized as a perfect loyalty offering by the oil companies in their ongoing battle to improve services and retain customers. With this solution we can drastically increase our market reach in addition to the commercial market also to the retail market."
“OTI PetroSmart is one of the important growth engines in the OTI Group,” said Ofer Tziperman, CEO of OTI. “The recent strategic agreements with the major gas pump manufacturers are now being complemented with a solution that perfectly addresses the expansive retail market. This opens up significant opportunities for us in the developed markets around the world. This system is yet another example of how a contactless NFC solution can create a new payment method for a huge market used daily by everyone everywhere."
Moon Tag Features
- As with all OTI’s vehicle tags, the Moon tag also incorporates a mechanism to tune the reading range between the RF nozzle unit (RFN) and the tag to ensure that fuel can be dispensed only to the specific vehicle's fuel tank and to avoid any option for a fraudulent 'side fueling.'
- The Moon Tag incorporates a sophisticated self-destruct feature that renders the device inoperable if tampered with.
- OTI’s AVI Solutions support full read/write functionality and extensive application parameters can be supported by the Moon Tag.
- OTI’s configurable implementation approach ensures maximum security and flexibility. OTI’s communication protocol, data encryption and message authentication ensures that its devices, including the Moon Tag, meet the security criteria of issuers.
On Track Innovations Ltd. (OTI) is a leader in contactless and NFC applications based on its extensive patent and IP portfolio. OTI's field-proven innovations have been deployed around the world to address NFC and other cashless payment solutions, petroleum payment and management, cashless parking fee collection systems and mass transit ticketing. OTI markets and supports its solutions through a global network of regional offices and alliances. For more information, visit www.otiglobal.com.
This press release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Because such statements deal with future events and are based on OTI's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. For example, forward-looking statements include statements regarding receipt of future consideration from the sale of OTI's SmartID Division, OTI's long term growth and profitability, further penetration of the NFC markets and execution of OTI's growth plans. The forward-looking statements contained in this press release are subject to other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in OTI's annual report on Form 20-F for the year ended December 31, 2012 and in subsequent filings with the Securities and Exchange Commission. Except as otherwise required by law, OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise.