USA Technologies announced today that the bank was using its e-Port Generation Six (G6) cashless payment technology, developed to accept all forms of payment including credit cards, fobs, contactless cards or other payment devices, in vending machines.
The bank's evaluation follows the deployment earlier this year of 1,000 cashless Coca-Cola vending machines in Philadelphia equipped with the e-Port G6 to accept MasterCard's "PayPass" contactless card payment system. The Philadelphia deployment was the first mass installation of the e-Port G6 in a major market.
"Together [Bank of America and USA Technologies] we are working to deliver a service that will have a meaningful impact on the way consumers pay for everyday items," said Stephen P. Herbert, President and COO, USA Technologies.
Bank of America, one of the world's largest financial institutions and card issuing companies, is the first bank to target the $40 billion vending market for credit card and other cashless payment transactions.
The bank is evaluating the versatility of the G6 e-Port and how it responds to all forms of cashless payments, whether consumers use a traditional credit card, a fob, contactless cards or other payment devices.
The conversion to credit card vending has accelerated over recent months, with every major card company targeting vending as a major revenue growth opportunity. USA Technologies is working with most of them.
