Bank of America Chooses USA Technologies' ePort® for Credit Vending Program
Bank First to Target $40B Vending Market
NAMA, ORLANDO, FLORIDA, October 27, 2006 - Bank of America has chosen USA Technologies' (OTC Bulletin Board: USAT) ePort cashless vending services for their program to evaluate radio frequency cashless payment devices.
USA Technologies announced today that the bank was using its ePort Generation Six (G6) cashless payment technology, developed to accept all forms of payment including credit cards, fobs, contactless cards or other payment devices, in vending machines.
The bank's evaluation follows the deployment earlier this year of 1,000 cashless Coca-Cola vending machines in Philadelphia equipped with the ePort G6 to accept MasterCard's "PayPass" contactless card payment system. The Philadelphia deployment was the first mass installation of the ePort G6 in a major market.
"We are excited that Bank of America chose USA Technologies and our ePort G6 technology to help in bringing greater ease and convenience to the consumer's purchasing experience," said Stephen P. Herbert, President and COO, USA Technologies. "Together we are working to deliver a service that will have a meaningful impact on the way consumers pay for everyday items."
Bank of America, one of the world's largest financial institutions and card issuing companies, is the first bank to target the $40 billion vending market for credit card and other cashless payment transactions.
The bank is evaluating the versatility of the G6 ePort and how it responds to all forms of cashless payments, whether consumers use a traditional credit card, a fob, contactless cards or other payment devices.
The conversion to credit card vending has accelerated over recent months, with every major card company targeting vending as a major revenue growth opportunity. USA Technologies is working with most of them.
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 product acceptance, the ability to continually obtained increased orders of its products, the ability to meet installation goals, economic, competitive, governmental impacts, whether its pending patents will be granted or defendable; validity of intellectual property and patents of USA, the ability of USA to license its patents, the ability of USA to commercialize its developmental products, technological and/or other factors, which could cause actual results or revenues to differ materially from those contemplated by these statements.
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