USA Technologies Chooses ViVOtech to Provide Contactless Card Readers for e-Port®
USA Technologies Chooses ViVOtech to Provide Contactless Card Readers for e-Port®
December 19, 2007
MALVERN, Pa. & SANTA CLARA, Calif.--(BUSINESS WIRE)--USA Technologies (NASDAQ:USAT - News) announced today that ViVOtech, a global leader in Near Field Communication (NFC) and contactless payment systems, would provide the card readers for USAT's e-Port contactless technology.
The Company reported that ViVOtech had designed and manufactured the most efficient and consumer friendly NFC-powered contactless card reader to activate its e-Port technology when installed in vending machines.
"We believe USA Technologies is a world leader in cashless and contactless payment technology for intelligent vending, and with major credit card companies breaking into the $46 billion vending market utilizing e-Port, we see significant growing demand for our NFC card readers," said Mohammad Khan, President and Founder of ViVOtech.
USA Technologies has already purchased more than 2,000 card readers from ViVOtech, and is following up with another order of 8,000 to be delivered in 2008. These readers accept all major credit cards (MasterCard, Visa, American Express and Discover) — both magnetic swipe and contactless NFC cards.
"ViVOtech has proven it has the global industry knowledge and thought leadership to ensure that together we deliver to vending customers the most superior contactless card payment technology available," said Stephen P. Herbert, President and COO, USA Technologies Inc. "ViVOtech knows and understands the traditional cashless market, as well as the emerging self-service markets we are targeting, and by combining our technologies, we believe we offer a service unequalled in the vending and POS industries."
"The adoption of contactless payments is growing worldwide as more retail customers embrace new technologies that ensure a quick, easy and secure way to pay, and we are delighted to be working with USA Technologies to develop new technologies to open up the vending industry to contactless card purchases," said Mr. Khan.
To make a cashless transaction at contactless vending machines, consumers need only tap their credit card on the e-Port terminal. The terminal flashes a light, displays a message and produces a tone to signal the completion of the transaction in seconds. No signature is required.
About USA Technologies:
USA Technologies is a leader in the networking of wireless non-cash transactions, associated financial/network services and energy management. USA Technologies provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries. The Company has marketing agreements with Cingular Wireless, Honeywell, Blackboard, MasterCard and others. For further information on USA Technologies, please visit www.usatech.com.
Statement under the Private Securities Litigation Reform Act:
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risk and uncertainties that may individually or mutually impact the matters herein described, including but not limited to, the ability of the Company to increase revenues in the future due to the developing and unpredictable markets for its products, the ability to achieve a positive cash flow, the ability to obtain orders for its energy management products , the ability to obtain new customers and the ability to commercialize its products, which could cause actual results or revenues to differ materially from those contemplated by these statements.
Contact:
USA Technologies
George Jensen, Chairman & CEO
Stephen P. Herbert, President & COO
800-633-0340
sherbert@usatech.com
or
Investor Relations:
CEOcast, Inc.
Gary Nash, 212-732-4300
The Company reported that ViVOtech had designed and manufactured the most efficient and consumer friendly NFC-powered contactless card reader to activate its e-Port technology when installed in vending machines.
"We believe USA Technologies is a world leader in cashless and contactless payment technology for intelligent vending, and with major credit card companies breaking into the $46 billion vending market utilizing e-Port, we see significant growing demand for our NFC card readers," said Mohammad Khan, President and Founder of ViVOtech.
USA Technologies has already purchased more than 2,000 card readers from ViVOtech, and is following up with another order of 8,000 to be delivered in 2008. These readers accept all major credit cards (MasterCard, Visa, American Express and Discover) — both magnetic swipe and contactless NFC cards.
"ViVOtech has proven it has the global industry knowledge and thought leadership to ensure that together we deliver to vending customers the most superior contactless card payment technology available," said Stephen P. Herbert, President and COO, USA Technologies Inc. "ViVOtech knows and understands the traditional cashless market, as well as the emerging self-service markets we are targeting, and by combining our technologies, we believe we offer a service unequalled in the vending and POS industries."
"The adoption of contactless payments is growing worldwide as more retail customers embrace new technologies that ensure a quick, easy and secure way to pay, and we are delighted to be working with USA Technologies to develop new technologies to open up the vending industry to contactless card purchases," said Mr. Khan.
To make a cashless transaction at contactless vending machines, consumers need only tap their credit card on the e-Port terminal. The terminal flashes a light, displays a message and produces a tone to signal the completion of the transaction in seconds. No signature is required.
About USA Technologies:
USA Technologies is a leader in the networking of wireless non-cash transactions, associated financial/network services and energy management. USA Technologies provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries. The Company has marketing agreements with Cingular Wireless, Honeywell, Blackboard, MasterCard and others. For further information on USA Technologies, please visit www.usatech.com.
Statement under the Private Securities Litigation Reform Act:
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risk and uncertainties that may individually or mutually impact the matters herein described, including but not limited to, the ability of the Company to increase revenues in the future due to the developing and unpredictable markets for its products, the ability to achieve a positive cash flow, the ability to obtain orders for its energy management products , the ability to obtain new customers and the ability to commercialize its products, which could cause actual results or revenues to differ materially from those contemplated by these statements.
Contact:
USA Technologies
George Jensen, Chairman & CEO
Stephen P. Herbert, President & COO
800-633-0340
sherbert@usatech.com
or
Investor Relations:
CEOcast, Inc.
Gary Nash, 212-732-4300