Message #39 From:
NewsBot Date: March 30, 2007 07:24:00 AM
USAT News USA Technologies NFC e-Port(R) Debuts at World's Largest Wireless Show
ORLANDO, Fla.--(BUSINESS WIRE)--USA Technologies (NASDAQ:USAT) announced today that vending machines equipped with Near Field Communications (NFC) capable e-Ports were unveiled at the CTIA Wireless conference and attracted national news attention.
It is the first time that USA Technologies has publicly launched its NFC capable e-Port payment technology, which enables consumers to make purchases at unattended point of sale using an NFC capable cellular phone.
National broadcasting network CNBC News featured a vending machine equipped with an NFC capable e-Port accepting payments from cellular phones in a business news report of the CTIA conference. The video shows a consumer making purchases from the vending machine by pointing a cellular phone at a USA Technologies G6 e-Port device.
NFC is the next wave of cashless payment solutions beyond magnetic stripe and contactless credit and debit cards. NFC encrypts credit and debit card information using short distance radio waves and transmits the data directly to a payment device to enable purchases with cellular phones.
USA Technologies business partners and customers, including cellular telephone manufacturers, demonstrated the USA Technologies’ e-Port G6 NFC readers.
“Issuing Banks and card companies are analyzing every kind of cashless payment device for speed and convenience and the e-Port G6 is the first, proven cashless transaction device in vending that accepts all forms of cashless payment,” said Stephen P. Herbert, President and COO, USA Technologies. “USA Technologies is the first to offer NFC wireless technology that allows consumers to make purchases with contactless cards as well as cellular phones at unattended point of sale,” he said.
MasterCard and USA Technologies are currently deploying 6,000 e-Port G6 wireless devices in vending machines nationwide to accept MasterCard’s PayPass contactless payment system. The readers are being installed in vending machines in more than 20 major U.S. cities. The 6,000 e-Port G6 terminals are NFC capable, and enable consumers to make purchases from vending machines with magnetic stripe and contactless cards, as well as NFC capable cellular phones.
Bank of America is among the first banks to choose the e-Port G6 cashless terminals for evaluation in radio frequency cashless payment device trials.
The CTIA Wireless conference is the world’s largest technology exposition dedicated exclusively to the $500 billion global wireless industry.
“There are an estimated 190 million cellular phones in use by American consumers, and handset manufacturers and carriers are squarely focused on delivering payment capability and related services to consumers through this infrastructure,” said Mr. Herbert. “This new capability was a feature at the CTIA conference, especially with vending machines where the e-Port G6 is a clear marketplace leader,” he said.
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. USA Technologies is an IBM Business Partner. The Company has marketing agreements with Cingular Wireless, Honeywell, Blackboard, and ZiLOG Corporation. 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.
