Israeli payment solutions provider On Track Innovations (OTI) has rolled out a cryptocurrency payment solution for the micropayment market and automated machines.

The solution, developed following market research, allows the use of standard mobile wallets.

The company claims the new solution to be the first and only solution of its type in the market currently.

The company said that its solution addresses the “significant challenges” of cryptocurrency in automated machines and micro-payments, offers faster transactions at low fees as well as resolves global currency exchange issues.

OTI CEO Shlomi Cohen said: “We intimately understand the cryptocurrency market, as well as all players involved. After thorough evaluation and market research, we decided that OTI would invest some of our resources towards developing a solution to address this market.

“To our knowledge, there is no other solution on the market today and is yet another solution that adapts to our customer needs and preferences. Although this cryptocurrency solution may take time for customer adoption and generations of meaningful sales, we believe this new product offering will add great value for our shareholders, and contribute to OTI’s growth over the long-term.”

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By GlobalData