Vending Industry Media Service Promotes Cashless as New Competitive Weapon
MALVERN, PA, August 30, 2005 -- USA Technologies (OTCBB: USTT) reported today that Automatic Merchandiser Online, a key vending industry news service, is promoting cashless vending as the new competitive weapon in vending.
The editor of the online news service, Elliot Maras, made the prediction in an editorial following the announcement by USA Technologies that it was working with a major dining services company to bring cashless vending to universities and colleges nationwide.
"The large vending and foodservice operations are beginning to use cashless vending as a competitive tool to win accounts," Maras says in the latest edition of Automatic Merchandiser Online. "Today's students are more interested in technology than ever, and they are far more convenience oriented than their predecessors. University administrators know this, and they are increasingly looking for automated solutions to enhance student conveniences," he says.
"Schools and universities will play a leading role in making cashless solutions a standard part of the vending industry," says Maras in his editorial. "The large vending operations will become more adept at offering cashless solutions, and in time, these products will become part of their standard offerings. New innovations always take root with the pioneers in any industry," he says.
"We saw the trend to cashless accelerate mid last year when the Federal Reserve announced that for the first time, cashless transactions had outpaced cash transactions," said Stephen P. Herbert, President and COO, USA Technologies.
The transition to cashless will continue to accelerate, especially as the credit card industry embraces new cashless technologies, such as â??contactless' credit cards. The card industry recognizes vending as the next major cashless opportunity, and already USA Technologies is working with a major credit card company to exploit the 'contactless' transaction opportunity.
To see the full Automatic Merchandiser report, click here.
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