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Technology Stocks : On Track Innovations Ltd. (OTIV)
OTIV 1.04-2.1%10:00 AM ESTNews

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From: JakeStraw2/5/2014 11:41:33 AM
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OTI Expands EasyFuel System to Consumer Market
finance.yahoo.com

Innovative 'Moon Tag' Saves Time and Hassle at Pump for Everyday Drivers

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."
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