New York, NY -- (SBWIRE) -- 12/20/2016 -- In 2016 consumers will use their mobile phones to spend $620 billion. This number is expected to grow to $1 trillion by 2020. What the future holds in terms of mobile and wearable cashless payment technologies is the subject of Corporate Profile's recent interview with OTI's CEO, Shlomi Cohen.

Cohen sees wearable payment devices well positioned in the payments market due to their intuitive use and flexible design. OTI's PayEnable payment element can be put into virtually anything from a shirt sleeve, to car keys, drinking cups, wrist watches and rings. The tiny wearable payment device has the advantage of working without a battery, being compatible with existing payment systems at retail stores, and is totally secure and encrypted.

The Special Report can be viewed on CorporateProfile.com's page by following this link: http://www.corporateprofile.com/2016/12/15/special-report-cashless-society-contactless-payments/ or youtube: https://www.youtube.com/watch?v=Gbe0S_JkEVY

For more information, log on to http://www.corporateprofile.com

About Corporate Profile®
Corporate Profile® is a multimedia news provider, creating original news segments and interviews covering topics including finance, fashion, medicine, charitable causes, lifestyle, wellness and technology, through http://www.corporateprofile.com. Corporate Profile is a content provider for the ClearVISION & ConnectiMED Networks.

About OTI
On Track Innovations Ltd. is a leader in contactless and NFC applications based on its extensive patent and IP portfolio. OTI's field-proven innovations have been deployed around the world to address NFC and other cashless payment solutions, petroleum payment and management, cashless parking fee collection systems and mass transit ticketing. OTI markets and supports its solutions through a global network of regional offices and alliances.

For more information, visit http://www.otiglobal.com.