Banking technology vendor USA Technologies Inc. announced Monday that it has appointed a board member, Stephen P. Herbert, as its chief executive and chairman.

USA Technologies handles card payments in vending machines and other industries. The company said it has contracts with Verizon Communications Inc. and Visa Inc., among others.

Herbert has been a member of the Malvern, Pa., company's board of directors since 1996. He was previously the company's president and chief operating officer.

Before USA Technologies, Herbert worked for Pepsi-Cola Co., where he was responsible for the company's development and market strategy, according to a press release.