The rate of new customers swiping across the desk of USA Technologies has reached record pace; the Malvern provider of cashless payment technology hit the milestone 300,000th connection to its flagship ePort Connect service during the first quarter of the year.

ePort Connect is designed to be a one-stop shop to handle the entire gamut of cashless payment and processing needs for self-serve retail businesses, including PCI compliance, wireless and merchant account setup, simplified processing rates, settlement and reconciliation, 24-7 customer service, mobile payment, loyalty programs and integrated payment services for micro-markets and other point-of-sale devices, according to a VendingMarketWatch report.

“We are at an inflection point in the industry, as adoption of mobile and cashless payments become standard in small-ticket, self-service retail,” Chairman and CEO Stephen P. Herbert said in the article. “Our strategy to drive new customer connections by delivering greater value via each connection and deepening penetration into our existing customer base will continue to power our pipeline for growth. We believe we are perfectly positioned to capitalize on an immense opportunity.”

In mobile payments alone, that opportunity amounts to a market explosion from $3 billion in 2013 to $53 billion by 2019 while cash payments drop from a 27 percent market share as of 2011 to just 23 percent by 2017, the report noted.

Building on its 9,000 customers and 300,000 ePort connections, USA Technologies aims to nearly double that number and eclipse half a million in the coming years as the market continues to switch over to cashless, wireless and mobile payments.

“We are creating new ways of doing business in self-serve retail through what we believe to be a powerful, connected platform for future services,” Herbert said.

Read more about the milestone and USA Technologies’ future plans in VendingMarketWatch here.

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Top Photo via QZ.com