Fortune 100 co picks SuperCom cashless payment solution
The customer, one of world's largest consumer products companies, authorized SuperCom technology for use in vending machines in the US.
Globes correspondent 10 Oct 05 15:54
SuperCom (Euronext: SUP; OTCBB: SPCBF), a provider of smart card and electronic identification (e-ID) solutions, today announced that its Vend-EZ contactless smart card-based cashless purchasing solution has been approved by one of world's largest consumer products companies for use in its vending machines in the US. SuperCom did not name the customer, but stated that approval was received following an 18-month qualification period during which the customer, together with its vending machine vendors, thoroughly evaluated and approved SuperCom's Vend-EZ stored-value card reader.
During the process, SuperCom installed Vend-EZ in numerous vending machines in three locations in the Chicago metropolitan area. SuperCom stated the trial demonsted that cashless payments led directly to higher sales and lower maintenance costs per vending machine.
"The authorization of our pioneering solution by this Fortune 100 company helps position SuperCom to become a leading player in the cashless payment space, potentially the most exciting vending industry innovation of this generation," said Supercom president and CEO Avi Schechter. "We have been developing our unique solution for the past year to take advantage of the strong synergy between ID and closed-environment micro-payment technologies, and believe it will become one of our major markets over the next 5 years."
"Although too early to quantify, we hope this development will begin contributing to our results in 2006, and that it will become a major driver of our business over the next five years. We look forward to the exciting new marketing concepts made possible by a cashless environment."
SuperCom's Vend-EZ is a new concept that allows the use of multi-application contactless smart cards to be used to make purchases from vending machines. The system's solid-state hardware and software components, which is similar to those developed for SuperCom's e-ID, secure access and homeland security systems, may be installed in conventional vending machines in just 10 minutes, and require little maintenance.
SuperCom further stated that the system's smart cards can be used in a variety of applications beyond vending machines, including secure access, ID, time and attendance, and purchases in stores and cafeterias, making them ideal for use in university and business campuses, hospitals, hotels and other closed environments.
SuperCom noted that according to a recent independent report by the National Automatic Merchandising Association (NAMA), the cashless vending environment is staged for rapid growth, and that there are more than eight million vending machines installed throughout the US.
Published by Globes [online], Israel business news - www.globes.co.il - on Monday, October 10, 2005
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