Peppercoin Demonstrates Contactless Small Payments at APTA Fare Collection Workshop Using OTI Products
March 21 2006 - 12:28PM
PR Newswire (US)
Innovative Prototype Allows Consumers to Simply Wave Card to Pay
and Ride ATLANTA, March 21 /PRNewswire/ -- Peppercoin, a payments
technology company that enables profitable new business models for
low-priced goods, services and digital content, will today
demonstrate a prototype of a first-of-its-kind contactless mass
transit fare collection system at the American Public
Transportation Association's annual Fare Collection Workshop. This
prototype system will enable consumers to use their existing credit
or debit card as their transit pass for the first time.
Peppercoin's unique approach allows transit passengers to use their
preferred credit or debit card as a ride pass, rather than
purchasing a separate specialized transit pass. Riders can also use
the system to prepay for multi-ride, season or period passes, which
can be virtually loaded onto the rider's credit or debit card. The
card can then be automatically replenished similar to toll
collecting systems such as EZPass. According to a survey conducted
by independent research firm Ipsos Insight in November 2005, more
than one in three American consumers would be willing to use a
credit card for purchasing transit services. "Contactless fare
payment with a regular debit or credit card brings added speed,
convenience and efficiency to people's mass transit travel,
including their daily commute," said Mark Friedman, president and
CEO of Peppercoin. "The system will be a great benefit for transit
operators as well, and we are looking forward to seeing this
prototype become a reality in the transportation system." For
operators, Peppercoin's solution will reduce the cost and
complexity associated with proprietary smart card AFC systems. It
also reduces the operator's costs associated with handling cash,
which can cost as much as 20 cents per dollar paid. Peppercoin
teamed with On Track Innovations Ltd, (OTI) (NASDAQ:OTIV) a global
leader in contactless smart card technologies, to enable this
highly innovative solution. With OTI's Saturn 5000 contactless card
reader, transit riders will be able to simply touch and pay as they
board their subways or buses. "Combining OTI's contactless products
with Peppercoin's ability to process small payments provides a
quantum leap in convenience for transit riders, while reducing
costs for operators," said Ohad Bashan, president and CEO of OTI
America. "It will help reduce bottlenecks as people enter the
subway or board the bus." About On Track Innovations Ltd. (OTI)
Established in 1990, OTI (NASDAQ:OTIV) designs, develops and
markets secure contactless microprocessor-based smart card
technology to address the needs of a wide variety of markets.
Applications developed by OTI include product solutions for
petroleum payment systems, homeland security solutions, electronic
passports and IDs, payments, mass transit ticketing, parking,
loyalty programs and secure campuses. OTI has a global network of
regional offices to market and support its products. The company
was awarded the Frost & Sullivan 2005 Company of the Year Award
in the field of smart cards. For more information on OTI, visit
http://www.otiglobal.com/. About Peppercoin, Inc. Peppercoin
enables profitable new business models for low-priced digital
content and physical goods. Peppercoin's small payment products
help merchants, banks, and other payments companies build market
adoption for credit and debit card payments for everyday purchases
quickly through a flexible, consumer-friendly approach. Peppercoin
integrates easily with existing business models and payment systems
to accelerate revenues and increase profits. For more information
please visit http://www.peppercoin.com/. Contact: Julie Goldman or
Payal Cudia Schwartz Communications 781-684-0770 DATASOURCE:
Peppercoin, Inc. CONTACT: Julie Goldman or Payal Cudia, both of
Schwartz Communications for Peppercoin, Inc., +1-781-684-0770, Web
site: http://www.peppercoin.com/ http://www.otiglobal.com/
Copyright
On Track Innovations (NASDAQ:OTIV)
Historical Stock Chart
From Sep 2024 to Oct 2024
On Track Innovations (NASDAQ:OTIV)
Historical Stock Chart
From Oct 2023 to Oct 2024