The worldwide provider of cashless payments and near-field communication solutions, On Track Innovations Ltd (NASDAQ:OTIV), has disclosed that plans are underway to develop capabilities which will allow the use of the crypto currency bitcoin in its solutions for cashless payments. Usage of bitcoin in digital payments is growing as many establishments start accepting the virtual currency.
“At OTI we are working hard and intend to rapidly become Bitcoin acceptable in transactions via NFC, Bluetooth or QR code. We also look forward to integrating Bitcoin acceptance in our innovative ATM and secure cashless vending products,” said Shlomi Cohen, the chief executive officer of On Track Innovations.
This comes a few weeks after Puma Energy selected a payment processing system known as IFCS that has been developed by On Track Innovation’s unit, OTI PetroSmart, and Wex Inc. Puma Energy will use the payment processing system to support a business-to-business fuelling offer.
EasyFuelPlus, an automated vehicle identification solution developed by OTI PetroSmart is integrated into the IFCS system. The car identification solution is used in identifying, authorizing and completing fueling transactions.
The payment processing service of WEX is highly configurable and capable of meeting the needs of oil firms and fleets all over the world. It’s designed to manage and bill petroleum product sales for commercial fleet customers. Included in the system are functions for reporting, accounting, transaction processing, postpaid and prepaid host authorization and device management. Currently OTI PetroSmart is being used in Southern Africa.
Price of Bitcoin
The development of bitcoin capabilities by An Track Innovations comes in the wake of the virtual currency as well as other crypto currencies plunged Thursday after recording exponential growth throughout the year. The plunge in the price of bitcoin forced a halt in trading with regards to futures of the virtual currency on the CBOE and the CME.
Per CoinDesk fell from $15,830 to $13,077.94 in 12 hours though it eventually recovered to go above $14,000. So far this this year the virtual currency has appreciated by over 1,300%.
In Thursday’s trading session shares of On Track Innovations Ltd fell by 10.16% to close the day at $1.68.