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USA Tech CEO attributes 'growing interest' in cashless payments to expanded customer base

Malvern, Pennsylvania-based USA Technologies, provider of wireless payment and M2M solutions, announced its first quarter 2015 earnings.

November 19, 2014

Malvern, Pennsylvania-based USA Technologies, provider of wireless payment and M2M solutions, announced its first quarter 2015 earnings.

Revenues increased a total of 21 percent year-over-year at $12.3 million.

"In the first quarter our aggressive growth strategies drove the addition of 10,000 net new connections and 600 new customers. We ended the quarter with 276,000 total connections and 7,900 total customers, year-over year increases of 27 percent and 41 percent, respectively," said Stephen P. Herbert, USA Technologies chairman and chief executive officer, in a company press release. "We also continued our expansion into adjacent markets, such as the laundry, kiosk and amusement and gaming verticals, which accounted for 17 percent of gross new connections. Connection sales into our existing customer base were 84 percent. The broad expansion of our customer base reflects, in our view, growing interest in and adoption of cashless payments in self-service retail."