On Track Innovations Ltd., a provider of NFC and cashless payment products, has partnered with an undisclosed global provider of magnetic card readers for financial self-service terminals.According to a press release, the companies plan to work with providers of integrated self-service products to equip financial terminals with Saturn 6700 UNO and new Saturn 8700 UNO NFC readers by OTI.

OTI said that a marketing effort targeted to its partner's existing customer base is underway, aimed at the retrofit of more than 200,000 existing self-service terminals. Deployments are expected to begin ramping up in the second quarter of 2016. The total addressable market comprises more than 3 million terminals worldwide, according to the release

"This major win with a leading provider of magnetic card readers, who is a highly trusted vendor to major financial solution providers worldwide, reflects the fact that our NFC readers have the most advanced designs and highest reliability in the industry," OTI CEO Shlomi Cohen said in a statement.

OTI said that the ultra-compact UNO was designed to permit easy NFC enablement on existing unattended terminals ranging from ATMs and self-checkout kiosks to access control points, vending machines and gaming machines. The company said that the unit's "plug-and-play" design makes it highly cost-effective to deploy alongside existing magnetic card readers in otfrt yo allow seamless acceptance of contactless cards and NFC-based mobile payments.