Bank of America has chosen USA Technologies' e-Port cashless vending services for its program to evaluate radio frequency cashless payment devices.
USA Technologies reported that it was using the 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.
Bank of America 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 says that it is working with most of these card firms.