PAYKEY(TM) Adds Credit Card Capabilities with USA Technologies’ e-Port(TM)
21 May, 2003
category: Contactless, Financial
Company to Use e-Port(TM) to Meet Growing Demand for Credit Card Vending in the U.S. and Europe
MYRTLE BEACH, S.C., May 1 /PRNewswire-FirstCall/ – USA Technologies
(OTC Bulletin Board: USTT), providers of the e-Port(TM) cash-less transaction
system and PAYKEY(TM) announced today that they have formed a new partnership
to incorporate USA Technologies’ e-Port(TM) credit card processing
capabilities into the PAYKEY(TM) product line. This new e-Port(TM)-ready
product will be co-marketed and distributed throughout the United States and
Europe by both companies.
The PAYKEY(TM) technology is based on a stored value system, similar to a
smartcard. However the PAYKEY(TM) uses a contactless magnetic key, called a
Pkey. This Pkey is able to memorize stored credit and debit when used in
vending machines with PAYKEY(TM) readers. Until now, users added value to
their Pkey with cash. Now utilizing the e-Port(TM) service, users have the
option to add value using cash, credit cards or check cards.
“We selected USA Technologies to enhance our product line due to their
expertise and experience in processing credit card transactions for the
vending industry,” commented Andrea Montanari, vice president of PAYKEY(TM)
Inc. “Since credit cards are the fastest growing alternative payment method
for consumer, we felt we needed to offer our customer a credit card option. We
expect our customers will see a lift in sales similar to the 15% to 25% lift
USA Technologies’ current vending customers are realizing. We are creating a
new industry standard which allows you to – in a very inexpensive way –
gradually convert your customers to a totally cash-less environment.”
“Our relationship with PAYKEY(TM) benefits USA Technologies in several
ways. First, the partnership provides a solid solution to offer our customers
for their closed systems – like corporate or university campuses. Second, we
are co-marketing the product so in essence we act as extensions of each
other’s sales and distribution efforts,” commented Michael Lawlor, Senior.
Vice President of Business Development for USA Technologies.
The parent company of PAYKEY(TM) is Microhard. Based in Italy, Microhard
is currently embedding the e-Port(TM) solution into their revalue station for
distribution throughout Europe and the U.S.
Several vending operators are already using the e-Port(TM) enabled
PAYKEY(TM) system. “The ability to offer our customers’ customers the
convenience of using credit cards has been a tremendous asset to our sales
efforts. This upgrade to the PAYKEY(TM) product line has given us a strong
competitive and cost effective edge in winning new accounts,” said Alex
Kiriakides, III, president of Atlas Vending.
In an effort to get the credit card accepting the PAYKEY(TM) system into
the market place, the companies are co-marketing and co-distributing the
product.
About USA Technologies:
USA Technologies is a leader in wireless non-cash and m-commerce
transactions, associated financial/network services and interactive media
technology. USA Technologies provides networked credit card and other
non-cash/mobile commerce systems in the vending, commercial laundry,
hospitality and digital imaging industries. USA Technologies is an IBM
Business Partner and an inaugural member of the Sprint Enabling Application
Service Provider Program for e-commerce. The Company has marketing agreements
with the IBM Corporation and Mars Electronics International and the ZiLOG
Corporation. Maytag Corporation is an original equipment manufacturer (OEM)
partner and minority investor in USA Technologies. http://www.usatech.com
About PAYKEY, Inc.:
PAYKEY(TM) USA, Inc. is a joint venture of Italian technology marketing
firm Microhard S.r.l., and Alex Kiriakides, III, president of Atlas Food
Systems and Services, Inc., a regional vending operator in the Carolinas and
Georgia. PAYKEY(TM) works on all the latest MDB compatible equipment from
Crane, APi, Dixie Narco, Rowe and Royal. Cash accountability is as easy as
taking current sales readings with the availability of patent pending Special
Accountability Keys for easy downloading of sales data by a vending attendant.
The embedded microchip in PAYKEY(tm) itself makes it virtually indestructible.
Statement under the Private Securities Litigation Reform Act:
Some statements contained in this press release that are not historical
facts may be forward-looking statements subject to risks and uncertainties
that could cause our actual results and financial position to differ
materially from these statements. These forward-looking statements are
identified by terms and phrases such as “anticipates,” “believes,” “intends,”
and “expects.” Our actual results could vary materially from the results
projected by these forward-looking statements based on a variety of factors
including the ability to continually obtain increased orders of its products,
the ability to meet installation goals, economic, competitive, governmental
impacts, whether its pending patents will be granted or defendable, validity
of intellectual property and patents of USA Technologies, the ability of USA
Technologies to commercialize its developmental products, technological and/or
other factors, which could cause actual results or revenues to differ
materially from those contemplated by these statements. These statements are
based on current expectations but are also inherently subject to business
uncertainties and contingencies beyond the control of the company. Readers are
cautioned not to place undue reliance on these forward-looking statements that
speak only as of the date hereof. The company expressly disclaims any
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