On Track Innovations (OTIV)

On Track Innovations Ltd. designs, develops and sells contactless microprocessor-based smart card systems. On Track currently offers three lines of products, each of which constitutes a complete system, as well as components that it sells to original equipment manufacturers, for incorporation into its own products. Its three complete system product lines include: Micropayments Solutions, offers financial institutions a cashless system and loyalty program to replace cash, including the PayPass system that it is installing for MasterCard, its EasyPark system and its mass transit payment system; Petroleum Systems, OTI's EasyFuel is a wireless, cashless, cardless, and paperless fuel management and petroleum solution; including both its gasoline management system and its EasyFuel systems; and Smart ID Solutions, for credentialing, identification and verification of individuals combine the capability to support biometric identification with the portability of smart cards. The company has focused on the development of its core technologies and its OTI Platform-based products. Its technology enables microprocessor-based smart card systems to operate in a contactless environment. The OTI Platform combines its patented technologies and consists of: smart cards, which can take a variety of forms including tags, stickers, wristwatches, key chains and plastic credit card-sized cards; smart card readers; software that enables the development of applications on contactless microprocessor-based smart cards; and a method of communications that regulates the transmission of data between a contactless smart card and a reader. The OTI Platform supports several types of payment methods including debit and credit applications, loyalty points and an electronic cash substitute that increases or reduces the balance on the user's card.