The FINANCIAL — USA Technologies, Inc., one of the leaders of wireless, cashless payment and M2M/IoT solutions for small-ticket, self-serve retailing industries and Chase Commerce Solutions, the global payment processing, merchant acquiring and offers business of JPMorgan Chase & Co., on April 28 announced a new strategic relationship.
Through a multi-year agreement, self-service retailers can benefit from USAT’s best-in-class cashless payments and M2M/IoT service with the added strength, security and expanded reach of Chase’s market-leading payment processing, according to JPMorgan Chase.
“There is an evolution happening in the way that both consumers and merchants handle money and it begins with mobile and cashless payment technology,” stated Dave DeMedio, chief financial officer of USA Technologies. “We have helped thousands of small-ticket self-serve retail merchants to seamlessly make a transition to cashless payments, and there is still much growth opportunity in the space. This strategic relationship represents the first step with Chase Commerce Solutions toward expanding our footprint through leveraging inherent economies of scale.”
With payment options such as credit card, debit card and mobile payment options available to consumers, USAT’s portfolio of cashless payment, telemetry and consumer engagement services help self-serve retail businesses’ transition to cashless acceptance easy and frictionless.
The companies believe that this strategic relationship brings greater opportunities for USAT to scale more rapidly, and to expand its product lines into new domestic and global verticals and markets, while providing Chase inroads into the self-service retail markets. USAT estimates the market size at more than $120 billion in annual transaction volumes, and 13-15 million potential “merchant locations” in the U.S.
“We continue to enable commerce through a simple, secure payment experience for consumers and for our business clients,” said Kimberly Fitzsimmons, U.S. Market President for Chase Commerce Solutions. “We are pleased to work with USA Technologies, a market leader in this important and rapidly emerging space to accept all types of payments easily and securely.”