Lots on news lately....today a patent.....why not a dollar stock???
USA Technologies is Issued a Patent for Transferring Funds From a Credit Card to Smart Cards and Debit Cards
June 11, 1997 7:01 AM EDT
WAYNE, Pa., June 11 /PRNewswire/ -- George R. Jensen, Jr., president and chief executive officer of USA Technologies, Inc.(Nasdaq: USTT), announced today that U.S. Patent No. 5,637,845 has been issued to the company.
This patent broadly covers the means and method for the electronic transfer of funds from a credit card or bank-issued debit card to smart cards. As the world moves closer to the reality of a cashless society, this technology offers the ability to address one of the industry's biggest obstacles providing a convenient means by which existing infrastructure can be adapted to transfer value to stored value cards such as the smart card.
As major banks and credit-card companies invest in the implementation and marketing of smart cards worldwide, USA Technologies has emphasized making such cards more consumer friendly. For example, this powerful, new technology will allow key players in the industry to reach consumers via the world's several hundred thousand ATM machines, helping to jumpstart the smart-card movement.
"The future looks bright for smart cards, especially for smaller transactions in vending and secured transactions for electronic commerce on the Internet, " said Jensen. "This patent serves as a tremendous opportunity to link smart cards and the cashless society of tomorrow, with the technology of today."
Jensen added that with trends toward a cashless society and the rising popularity of electronic transfer of funds, USA Technologies' current patents give the company and its strategic partners a notable advantage in the marketplace.
"This patent, our second issued in the last 90 days, further establishes the company as a leader in automated credit-card technology," said Brock Kolls, vice president and inventor of the technology. "With eight additional patent applications currently pending in the U.S. Patent and Trademark Office and various foreign offices, we look forward to further solidifying protection of this important technology in the coming months."
Founded in 1992, USA Technologies, Inc. is a leading owner and licensor of networked credit card activated control systems for the personal computer, copier, facsimile and vending industries. The company's proprietary technologies make available unattended, point-of-sale control systems technology for credit-card payments. USA Technologies also provides "back office" financial services for real-time credit-card processing. Business Express(TM), Public PC(TM), Laptop Express(TM), Copy Express(TM), and Fax Express(TM) -- which incorporate the company's proprietary technologies -- are marketed in conjunction with IBM, Lexmark and Minolta, and may be purchased or leased by commercial outlets. SOURCE USA Technologies, Inc.
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