USA Technologies hits $100 Million in cashless transactions

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USA Technologies says that for August 2010 the company hit small-ticket, wireless transactions of $8.3 million. This puts the Company on an annualized run rate of approximately $100 million, an increase of 72% versus August 2009, through its ePort cashless payment systems for vending machines, kiosks and other unattended point-of-sale terminals.

Total transactions processed in August 2010 were 4.6 million, an increase of 98% over total transactions processed in August 2009.

The company also reported that on September 2, 2010, it had reached a record of over 200,000 transactions processed in a single day on its ePort Connect Service. As of June 30, 2010, the company had approximately 82,000 connections on its service versus 52,000 connections as of June 30, 2009.

“These statistics underscore our leadership in the industry,” comments George Jensen, CEO, USA Technologies. “Our customers, numbering 1,050 as of June 30, 2010, up from 525 a year ago, are increasingly turning to our ePort cashless payment systems, and consumers are responding by using their credit and debit cards for purchases. We intend to continue building upon our leadership position by creating value for our customers, and by driving adoption through our partnerships and marketing activities.”

The company believes these milestones may indicate a “tipping point” (i.e., accelerated adoption) of cashless payment systems in the markets that it serves, such as vending.

USA Technologies’ industry leadership was further recognized earlier this month by The Nilson Report, a leading source of research on global consumer payment systems, which again ranked the company 6th in the US for shippers of POS terminals, and 31st among the world’s leading shippers of POS terminals, an improvement of three positions from the previous year.