Cantaloupe Celebrates 30 Years of Autonomous Retail Innovation

MALVERN, Pa.–(BUSINESS WIRE)–Cantaloup Inc., (Nasdaq: CTLP), a digital payments and software services company that provides end-to-end technology solutions for the unattended retail market, announced the celebration of 30 years of innovation, collaboration with leading technology partners, and research ideas on the future of self-driving retail.

“Thirty years ago, we changed the face of unattended retail by providing vending machine operators with the first cashless card readers, ushering in the era of self-service vending,” said Sean Feeney, CEO of Cantaloupe. “Innovation continues to be the foundation of Cantaloupe. From connecting mobile wallets to next-generation loyalty programs, including crypto payment acceptance, to touchscreen point-of-sale and the integration of machine learning, we continue to optimize and streamline operations for our customers in the global marketplace.

Cantaloupe, which changed its name from USA Technologies in 2021, has continued to grow its connections, customer base and revenue. The company reported more than 1.1 million active outlets connected to its platform at the end of the first fiscal quarter of 2022 (reported in November 2021), and nearly 21,000 active customers during the same period. This represents a growth of 17% compared to the previous year. Additionally, the company posted revenue of $45.8 million in the first quarter, a 24.1% year-over-year increase for that quarter.

The additional 2021 milestone includes:

New AI integration improves intelligence, operations and revenue:

Cantaloupe has enhanced its Seed™ platform with HIVERY Enhance™, providing customers with smart solutions powered by artificial intelligence and advanced analytical methods. Powerful new product recommendations and targeted sales space optimization leverage HIVERY’s proprietary algorithms to increase revenue for Cantaloupe operators and improve operational efficiency. This will allow operators to react to how consumers buy and increase sales.

Innovative payment acceptance, from cryptocurrency to mobile wallets and apps:

Through a partnership with digital asset platform Bakkt, Cantaloupe has announced that it will allow the conversion of cryptocurrency to cash for payments, in addition to its existing cash, debit card payment forms. and credit or by mobile wallet on its national network. With the ubiquity of cryptocurrency as a foundational aspect to unlocking new customer experiences, the partnership with Bakkt will enable consumers to offer consumers the ability to pay using the digital assets they hold within the Bakkt app, starting with bitcoin and participating loyalty points on more than one million devices.

Additionally, integration with Apple mobile wallets has brought greater convenience to thousands of students by allowing them to add their stored-value campus card to their mobile wallet. This integration makes it easier for students to make payments.

Best-in-class point-of-sale experiences and touchscreens

Cantaloupe’s acquisition of Yoke Payments™, an innovative self-service payment solution, enables simple and easy integration that offers micromarketplace operators new revenue and optimization opportunities. Cantaloupe enables operators to further grow their business in an important and growing retail segment.

With our exclusive new ePort® Engage Series, customers can access new touchscreen payment devices that optimize consumer engagement through advertising and loyalty programs.

Cantaloupe also announced a partnership with Castles Technology, which will bring new and existing businesses and small and medium-sized businesses the most advanced payment terminals certified by PCI-PTS and EMV for vending machines, kiosks, entertainment, and kiosks. charging stations for electric vehicles, and better communicate with consumers by leveraging digital displays.

A new vision for autonomous retail driven by consumer research:

In 2021, Cantaloupe completed two extensive research studies. In partnership with Michigan State University, Cantaloupe unveiled a study of its proprietary data that showed digital payments are the preferred method of payment at vending machines. This is fueled by the growing acceptance of contactless payments.

In a separate study with CITE Research of more than 2,000 American adults, Cantaloupe showed that younger consumers drove standalone retail growth over the past year. The majority of respondents cited speed and convenience as reasons for their increased use.

“Autonomous retail has never been more important,” said Ravi Venkatesan, CTO at Cantaloupe. “As a pioneer in this industry, we bring decades of experience and knowledge to market. We are at the intersection of four macro trends: autonomous technology innovation, IoT-powered transformation, integrated digital payments, and software as a service. Our DNA as a company has always been one of innovation and disruption and that will only become more important as we consider a post-pandemic world. We have never been more excited about the future and look forward to continuing to shape the industry over the next 30 years and beyond.

“It has been a great pleasure to have been the founder, president and CEO of the company for almost 20 years. With a large group of talented employees, the company has become one of the first leaders in the cashless wireless technology and associated financial network services with more than 70 patents issued during my tenure,” said George R. Jensen Jr., Founder of USA Technologies. “The new chapter of the business is extremely exciting with Sean Feeney at the helm as President and CEO along with an exceptionally talented management team.

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About Cantaloupe, Inc.:

Cantaloupe, Inc. is a software and payments company that provides end-to-end technology solutions for the unattended retail market. Cantaloupe is transforming the unattended retail community by offering an integrated solution for payment processing, logistics and back-office management. The Company’s enterprise-scale platform is designed to increase consumer engagement and sales revenue through digital payments, digital advertising and customer loyalty programs while providing retailers control and visibility of their operations and inventory. As a result, customers ranging from vending machines to operators of micro-markets, gas and car refill stations, laundromats, metered parking kiosks, kiosks, entertainment and more can run their businesses. more proactively, predictably and competitively. For more information, please visit our website at www.cantaloupe.com

— G-CTLP

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