Today Apple's CEO Tim Cook stated during the company's Financial Conference call that this was going to be the year of Apple Pay. One of the latest announcements concerning Apple Pay came from USA Technologies earlier today. USA Technologies, a leader of wireless, cashless payment and M2M/IoT solutions for small-ticket, self-serve retailing industries, announced a nationwide rollout of new acceptance points for Apple Pay, a new category of service that transforms mobile payments with an easy, secure and private way to pay.
As noted in our cover graphic, this is going to translate to Apple Pay being available for use at amusement parks and arcades, with cabs, kiosks, car washes, vending machines, laundromats and parking pay stations (not shown). These are convenient applications that will enhance our use of Apple Pay over time. Apple's CEO specifically mentioned USA Technologies in his opening conference call commentary.
According to the company, this immediately adds approximately 200,000 Apple Pay acceptance points to the growing list of locations officially supporting Apple Pay, bringing the advanced mobile payments service to owners and operators of coffee brewers, vending machines, kiosks, laundry equipment, parking pay stations and other self-serve appliances.
Stephen P. Herbert, Chairman and Chief Executive Officer of USA Technologies stated in a press release that their customers "are excited to accept Apple Pay at the self-serve locations they operate. We anticipate that the millions of consumers who frequent these locations will appreciate the convenience and security of using Apple Pay for their everyday purchases, and we believe that Apple Pay will help to drive additional sales for our customers. USA Technologies has always sought to provide convenience, security and an easy way to pay for consumers who are less and less likely to carry cash. We recognized early on the potential for mobile payment, and promoted the technology to ensure our customers were ready for this shift to occur."
Security and privacy is at the core of Apple Pay. When you add a credit or debit card with Apple Pay, the actual card numbers are not stored on the device nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on your device. Each transaction is authorized with a one-time unique dynamic security code, instead of using the security code from the back of your card.
USA Technologies began building NFC capabilities into its cashless payment products and services approximately 10 years ago and has enjoyed a steady increase in the sale of its flagship ePort cashless payments technologies specially designed for small ticket, unattended retail applications.
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