On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has received a purchase order for 5,000 advanced contactless readers to the massive Russian retail self-service market, which will be delivered by the third quarter of 2018, the company said.
Due to confidentiality, the terms of the contract cannot be disclosed.
OTI has identified Russia as a top three strategic market, and as part of the company´s efforts to expand in the region they have applied for the Russian Mir certification, a Payment System Established by The Central Bank of Russia. Although this certification is not a pre-requisite for sales into Russia, OTI expects greater penetration of the Russian market once approved.
The Russian national payment system created the Mir payment card in 2014 with the primary objective of sovereign payments to be independent of foreign organizations. In 2016, 1.76 million Mir cards were issued by 64 banks. According to the Bank of Russia, in September 2017, 30 million Mir cards are planned for release. Unlike international payment card transactions, Mir transactions cannot be suspended, and no external financial or governmental factors control their processing.
On Track Innovations (OTI) is a global provider of the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. For more information, visit www.otiglobal.com.