On Track Innovations Ltd, commonly known as oti, has formed a strategic partnership with Swiss-based Microtronic, a European provider of closed-loop cashless payment systems for vending and office coffee services.

The companies will introduce a product that integrates Microtronic's e-vending and closed-loop payment product into oti's CONNECT 3000 telemetry device and line of TRIO and UNO near field communication cashless readers, according to a press release. The e system will offer vending operators a unified product that accepts traditional credit and debit cards, as well as prepaid NFC payment cards and wearables.

Microtronic will also incorporate its e-vending mobile payment and marketing product into oti's CONNECT 3000, according to the announcement. This will enable vending consumers to download the e-vending mobile app and scan QR codes on vending machines to purchase products. The app will notify consumers of special promotions, loyalty rewards or any type of marketing information. The CONNECT 3000 device will enable vending operators to view and manage their inventory in real-time, as well as support the entire vending business lifecycle management process.
 
"Our integrated solution addresses a major unmet need in the global vending market for a highly secure payment system that accepts both open and closed loop transactions," said oti CEO, Shlomi Cohen. "By partnering with Microtronic, the leading prepaid vending solution provider in Europe, we can now offer vending operators a turn-key solution that integrates the cashless payment hardware with telemetry, payment processing, and cloud-based system management. This type of solution is an industry first, demonstrating oti's commitment to innovation and strategic partnering with industry leaders, like Microtronic. It also reflects our strategy of expanding our recurring revenue sources, which will provide greater visibility and predictability of our business."