USA Technologies, Inc. (NASDAQ: USAT), (“USAT”), a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries, today announced that it has received its largest purchase commitment ever. The commitment comes from USConnect®, an alliance of independent vending and food service companies throughout the United States, which is targeting the adoption of cashless payment and telemetry technologies for the majority of the self-serve locations owned or operated by its members by 2018.
The agreement calls for the purchase of 50,000 ePorts® by USConnect through its members over the next five years, all of which will utilize USAT’s comprehensive ePort Connect® suite of services.
According to Jeff Whitacre, longstanding vending operator and industry entrepreneur, USConnect is the largest connected network of independent vending and food service companies in the United States. Consisting of approximately 25 members to date, the USConnect consortium manages over 100,000 snack, food, beverage and other self-serve machines.
“The goal of USConnect is to facilitate, in a leadership role, the modernization of the vending and food service industry through cashless payment, wireless telemetry and the value-added capabilities that a connected base of self-serve terminals can provide—both now and in the future,” said Jeff Whitacre, chief executive officer and founder of USConnect. “Technology that connects people, information and machinery is changing the landscape in the self-serve retail market, and our industry needs to embrace it. We believe it’s time to re-engage the consumer and disrupt the traditional business model.”“USConnect is taking this assertive step with USAT because we’re confident that a cashless payment and telemetry platform can deliver immense value to businesses like ours—and USAT has played a huge part in that educational process since the beginning,” continued Whitacre. “We value the reliability and flexibility of their service and their commitment to innovative technologies, services and programs that are good for business and the industry at large. We look forward to influencing the vending and food service industry in a positive way with USAT.”