WAYNE, PA., June 4, 2003 – USA Technologies, Inc., (OTCBB: USTT) and Masterfoods USA, a division of Mars, Incorporated, announced today that the company is the latest to offer the e-Port™ cashless payment system in their M&M’S® branded snackfood and ice cream vending machines. Masterfoods USA is the latest in a list of global consumer products companies to offer e-Port™ to meet the growing consumer demand to enact a vending purchase with a credit or debit card.
e-Port™ is now installed in M&M’S® branded machines in major markets across the US including New York City, Washington DC, Boston and Philadelphia, in a mix of high profile tourist and travel locations, entertainment venues, with planned expansion into hospitals and high traffic public locations.
“After installation of the e-Port™ into the M&M’S® vending machines, we saw an almost immediate increase in sales from credit card transactions,” said George Jensen, Chairman and CEO, USA Technologies, Inc. “Credit and debit card sales now account for 15% to 20% of total sales. Additionally, we saw that the average credit card purchase amount was more than 50% higher than the average cash purchases,” Mr. Jensen said.
“We tested the e-Port™ for several months and quickly saw the benefits, with a significant uplift in snackfood and ice cream products through our vending machines,” said Kira Schneider, Sr. Vend Account Manager of Masterfoods USA. “Although Masterfoods USA products already account for 6 out of the top 10 confectionery items, our consumers enjoyed the convenience of using their credit cards to purchase their favorite M&M’S® ice cream and confectionary products, added Schneider.
USA Technologies’ e-Port™ wireless, cashless payment system can be installed in standard vending machines in minutes at a very low cost. e-Port’s versatility to accept multiple cashless formats, including credit/debit cards, employee identification numbers (ID) keyed into a keypad, Personal Digital Assistants (PDA), cell phones and hotel room key cards, has led to the significant distribution growth of the product within the vending industry.
“Every day e-Port’s leadership as the vending industry’s cashless payment technology is recognized by major global corporations like Masterfoods USA and we will be announcing more contracts with global brand names wanting to offer their customers the convenience and simplicity of e-Port™ cashless transaction vending,” said George Jensen.
With consumer growth in the area of credit and debit card commerce accelerating, and consumers indicating an increased desire to use their credit cards for vending purchases, the e-Port™ is fast becoming a driving force behind cashless transactions in a variety of markets, from traditional vending and point-of-sale terminals, to quick serve restaurants, gas pumps and postage machines. A recent survey showed that more than four out of five US account holders (82%) have an ATM/Debit card and 86 percent of users made a card purchase in the past 30 days. The survey also showed that more and more card holders prefer to purchase items from vending machines with their credit/debit cards.