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USA Technologies Issued 71st Patent
Friday, October 23, 2009
Latest Patent Covers Cashless Vending Transaction Data and Audit Data Communicated Between Remote Locations
Malvern, PA -- USA Technologies (Nasdaq: USAT) announced today the issuance to it by the US Patent Office of a patent that covers the cashless wireless payment trends sweeping the vending industry.
The patent for invention number 7,593,897 is for a wireless system for communicating cashless vending transaction data and vending machine audit data to remote locations.
"This latest patent makes claims in connection with our technology that allows communications between point-to-point wirelesses, and wired WAN solutions, as well as wired solutions in vending machines nationwide," said George R. Jensen, Chairman and CEO, USA Technologies. "It grows the number of our patents to 71, which adds confirmation to USA Technologies leadership in developing cashless technology for vending, kiosk and unattended point-of-sale terminals," he said.
The patent covers the technology in USAT’s ePort cashless payment system for accepting financial card identification data as payment for items vended, and an interactive interface, protocol, and support for interconnecting the system to a computing platform. It further covers the ePort technology to accept card ID data, authorizes the validity of the card, and executes and settles the transaction payment for the goods and services that are vended.
The latest patent comes just a month after USAT was reissued a similar patent for a system to provide remote audit, cashless payment and interactive transaction capabilities in a vending machine.
USA Technologies has nearly 57,000 devices deployed on its network nationwide and in Canada, with 600 customers, including many of the world’s largest vending operators and bottlers, as well as global financial card companies. Last month, USAT recorded a milestone when it topped a record $5 million in micro transactions processed through its network for a month.
"Today's marketplace is growing increasingly competitive with the introduction of new Internet technologies almost daily, and the most successful businesses will be those who leverage their intellectual property to give customers the assurances they are looking for when buying technology based products and services," said Mr. Jensen. "USAT has various patents covering our technology, and we are anticipating increasing revenues as the vending, kiosk and unattended POS industries convert to cashless and contactless payment systems," he said.
USA Technologies also owns a variety of patents that apply to radio frequency swipe card and contactless card technology. The technology allows consumers to make purchases from vending machines by swiping or waving their credit cards in front of the e-Port radio frequency reader.
Demand for cashless payment technology and services is growing rapidly as more consumers seek the ease and convenience of making cashless payments at vending machines, and as vending machine operators pursue innovative efficiencies and streamline operations to lower costs and grow customer satisfaction.
About USA Technologies
USA Technologies is a leader in the networking of wireless non-cash 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 agreements with AT&T, Visa, MasterCard, First Data, Compass and others. For further information on USA Technologies, please visit www.usatech.com. To view a Company overview presentation, visit http://www.usatech.com/company_info/dl/USAT_company_overview.pdf
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 pending patents will be granted or defendable, validity of intellectual property and patents, the ability to license patents, the ability to commercialize developmental products, as well as technological and/or other factors.
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