Revenue more than doubled at USA Technologies Inc. in its fiscal fourth quarter, which ended June 30, and so did the number of vending machines on its network that can accept card payments.
The Malvern, Pa., maker of card readers for vending machines said revenue rose 105% from a year earlier, to a record $5 million.
George R. Jensen Jr., USA Technologies' chairman and chief executive officer, said he expects continued strong growth.
"There are 8 million vending machines in the United States, and it's a worldwide market," Mr. Jenson said in an interview. "We think we're in our infancy." The company did not release profit figures, but Mr. Jenson said it would report audited full-year results in September.
USA Technologies said it now has more than 38,000 readers on its network, which uses cellular telephone technology for card authorizations. A year earlier that number was 15,000.
It said it has shipped more than 10,000 of its top-of-the-line devices, which can accept contactless cards as well as those with magnetic stripes.
The company said it is working with cell phone companies to add near-field communications to vending machines, so that consumers can use their wireless handsets as a contactless payment device at the machines.
The first test program is under way with Nokia Corp. at Gonzaga University in Spokane and involves U.S. Bancorp and MasterCard Inc., USA Technologies said.
The number of transactions processed by USA Technologies climbed 160%, to 3.9 million, and the dollar value of its transactions rose 55%, to $10.4 million.
Full-year revenue increased 74.8%, to $16 million.
