USA Technologies Teamed Up with ViVOtech to Demonstrate NFC Mobile Payment Capability for Vending at NAMA Expo
USA Technologies (NASDAQ:USAT) and ViVOtech announced today that they were demonstrating NFC mobile payment technology for vending and wireless point of sale at the NAMA Vending Expo in Chicago, April 27 through 29, 2011.
USA Technologies, a leader in wireless cashless payments systems, teamed with ViVOtech, the NFC software and systems company, to demonstrate how USAT’s ePort terminal accepts mobile payment as well as traditional magnetic stripe cards, contactless cards, and other cashless forms of payment.
“With major players such as the mobile carriers, banks, card associations and others jockeying for position in the rapidly emerging mobile payments space, USA Technologies wanted to demonstrate to its customers that its ePort solutions are capable of handling mobile payments,” said Michael Lawlor, Sr. VP of Sales and Business Development, USA Technologies. “In fact, the Company already has approximately 50,000 mobile NFC payment-enabled ePort connections on its network.”
Added Mohammed Khan, ViVOtech founder and president: “USA Technologies’ mobile payment initiative is exactly the kind of real-world NFC application that consumers have been waiting for. Our efforts together are forever changing the shopping experience for the better.”
“We believe that the opportunity that mobile payment offers is vast and valuable, and USA Technologies intends to lead in this rapidly emerging space,” said Lawlor. “As mobile payments continue to accelerate, USA Technologies is well positioned to capitalize on the opportunity and bring even greater value to its customers through increased consumer convenience.”
USA Technologies announced earlier this week an agreement with Verizon that the companies believe will accelerate the adoption of small-ticket, wireless, cashless payment services and machine-to-machine applications via USA Technologies’ ePort Connect Service. Among other things, the agreement provides for USA Technologies ePort solution including the Verizon Wireless network for connectivity, as well as Verizon including the ePort solution for wireless, cashless point of sale and machine to machine applications in the Verizon sales toolkit.
USA Technologies is exhibiting in NAMA Expo booth number 222.
About USA Technologies
USA Technologies is a leader in wireless, small ticket cashless 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 been granted 79 patents and has agreements with Verizon, Visa, Compass and others. Visit our website at http://www.usatech.com.
ViVOtech, the near field communication (NFC) software and systems company, enables rich mobile commerce solutions for in-store payment, loyalty, marketing, and merchandising. Merchant, payment, mobile, web and advertising companies use ViVOtech solutions to enhance customer experience and grow their business. VIVOtech’s NFC software and systems are the broadest, most tested and deployed worldwide. Founded in 2001, Silicon Valley-based ViVOtech provides the key building blocks of the NFC ecosystem: smart applications, wallet and provisioning software, and point of sale systems. ViVOtech’s investors include Alloy Ventures, Citigroup, Draper Fisher Jurveston, First Data Corporation, Miven Ventures, Motorola Ventures, Nokia Growth Partners, NCR, and Sprint. Join the NFC revolution at http://www.ViVOtech.com.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation the financial position, anticipated connections to our network, business strategy and the plans and objectives of the Company’s management for future operations, are forward-looking statements. When used in this release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business, financial market and economic conditions, including but not limited to, the ability of the Company to retain key customers from whom a significant portion of its revenues is derived; whether the Company’s customers continue to operate or commence operating ePorts shipped to such customers under the Jumpstart program or otherwise at levels currently anticipated by the Company; the ability of the Company to compete with its competitors to obtain market share; the ability of the Company to obtain widespread commercial acceptance of it products; and whether the Company’s existing or anticipated customers purchase ePort devices in the future at levels currently anticipated by the Company. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, the Company does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
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