Chase Commerce Solutions, USA Technologies sign strategic pact
USA Technologies provides payment acceptance, including mobile, at various vending machines across the US.
USA Technologies, a provider of wireless, cashless payment and M2M/IoT products for small-ticket, self-serve retailing industries, and Chase Commerce Solutions, the global payment processing, merchant acquiring and offers business of JPMorgan Chase & Co., today announced a new strategic relationship. Through this multiyear 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 Commerce Solutions' market-leading payment processing, according to a press release.
"There is an evolution happening in the way that both consumers and merchants handle money and it begins with mobile and cashless payment technology," Dave DeMedio, chief financial officer of USA Technologies, said in a statement. "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."
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 Commerce Solutions inroads into the self-service retail markets, according to the announcement. USAT estimates the market size at more than $120 billion in annual transaction volumes, and 13 to 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."