OTI to deliver USA Technologies' contactless payment readers
27 October 2006 | 2248 views | 0
Source: On Track Innovations, USA Technologies
On Track Innovations Ltd, (OTI) (Nasdaq: OTIV) a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, petroleum payments and other applications, today announced that USA Technologies (OTC Bulletin Board: USAT), a leader in the networking of wireless non-cash transactions for financial/network services and energy management, has selected OTI to provide its next generation contactless reader solution to be integrated into USA Technologies' Generation Six (G6) e-Port cashless transaction solution, developed specifically to accept contactless payments for vending machines.
Initial orders are for 10,000 readers with initial deliveries commencing before the end of the year.
The integrated solution is built to support the growing U.S. contactless payment market. As previously reported by USA Technologies, MasterCard International has teamed with The Philadelphia Coca-Cola Bottling Company and USA Technologies to enable 1,000 Coca-Cola vending machines with the e-port cashless transaction solution.
With MasterCard PayPass, ExpressPay from American Express and Visa contactless, the associations have initially focused on drug stores, quick service restaurants, movie theaters and other merchants where transactions are usually under $25.
Now the 40 billion dollar U.S. vending industry with more than 8 million vending machines, is beginning to expand the payment opportunities for customers who appreciate speed and convenience. With the new reader consumers no longer need to fumble for cash and coins. To use this technology, consumers simply tap their contactless-enabled card or device on the vending machine's e-Port payment terminal. Within seconds, the terminal will flash a light and produce a tone signaling the transaction is complete.
George Jensen, Chairman and CEO, of USA Technologies said, "We are exceptionally pleased with the OTI reader for our G6 e-Port solution. And for the added value it brings our customers. The new product puts USA Technologies in the perfect position to further our relationships with vending operators, soft drink bottlers, credit card companies and banks."
Oded Bashan, President & CEO, OTI, stated, "the expansion to complementary markets of the traditional small contactless payments markets is a strong sign of confidence that the major financial institutions are pushing forward with their contactless programs. The vending machines market that relies today almost exclusively on cash can now enjoy the convenience and speed contactless payments can offer."