- UK is Europe’s 2nd largest vending market, with over 500,000 machines generating over €2 billion per year
- 75% of market remains untapped and represents opportunity for OTI
ROSH PINA, Israel, Jan. 17, 2017 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. (OTI) (NASDAQ:OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today announced it has appointed Hemisphere West Europe (HWE) as its exclusive distributor of NFC-based cashless payment and telemetry solutions for vending, kiosk and coin-operated pulse machine operators in the United Kingdom.
HWE will offer OTI’s three major cashless payment solutions to their customers. otiMetry for vending machine operators, otiKiosk for kiosk and micro-market operators, and PayActiv8 which targets coin-operated pulse machine operators who want to add cashless payment acceptance to their machines.
Each solution utilizes OTI’s patented hardware and software components, including cashless payment readers, connectivity devices and terminal management systems (TMS) and will provide HWE’s customers with an affordable end-to-end solution to manage and support their entire business management process.
According to the 2015 European Vending Association Report, the UK generates more than €2 billion in vending revenue each year, and is the 2nd largest vending market in Europe. There are more than 500,000 vending machines in the UK, representing 1 of every 9 vending machines in Europe.
“Only 25% of vending machines in the UK currently accept cashless payments,” says Eran Bar, OTI’s Sales Manager for Europe, Middle East, and Africa (EMEA) region. “The remaining 75% represents a huge opportunity for OTI, and our strategic alliance with HWE is an extremely important key to our growth and success in 2017.”
The UK is also experiencing a huge growth in micro markets, whereby corporate offices set up self-checkout food facilities for their employees. OTI has successfully deployed their otiKiosk solution in many micro markets in the United States through HWE’s sister company, Unattended Card Payments (UCP) Inc.
About Hemisphere West Europe
For over 14 years Hemisphere West Europe Ltd (HWE) have specialized in unattended payment solutions, today we are heavily focused on the credit card acceptance market. We have a detailed understanding of all three key components in accepting credit cards in UK & European markets – hardware, Payment Gateways and Acquirers, only with this knowledge can accurate advice be given to our customers to ensure the best solution is provided for their application.
Working with our partner suppliers we offer credit card hardware and payment gateway services in all verticals such as Amusement, Car Parking, Kiosk, Laundromat & Vending. For more information please visit www.hweurope.com.
Our sister company Unattended Card Payments Inc. (UCP) offer the same services in the North American market.
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.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding our growth or profitability, reduction of costs and expenses, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers, contributions of our regions to our growth, resolution of our outstanding patent infringement claims, strengthening of our balance sheet and delivery long-term shareholder value. 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. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2015, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. 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.
OTI Press Contact: Neil Barr Director of Marketing +972-4-686-8004 firstname.lastname@example.org
Source:On Track Innovations Ltd.