J. Duncan Smith has cashed out of the banking business and deposited his skills in the growing cashless payment industry, according to moves made over the past couple weeks.

His unexplained departure as former chief financial officer and treasurer of Bryn Mawr Bank Corp. late last month has finally been answered, as Smith was recently named new CFO for Malvern-based USA Technologies, which is reorganizing for the creation of a new chief services officer position, The Wall Street Journal reported.

“It is an exciting time to join USA Technologies,” Smith said in a company announcement. “USAT is positioned to take advantage of the significant untapped opportunities in the payment services market with its unsurpassed, longstanding commitment to innovation, technology and customer service.”

Smith will start as CFO on Aug. 31 after current CFO David DeMedio switches to CSO, and Smith will receive a $265,000 salary plus a performance bonus and stock option.

“To support continued growth, we are expanding our management team with the creation of a services role, CSO,” Chairman and CEO Stephen P. Herbert said. “Appointing our incumbent CFO to the position allows us to dedicate a C-level executive to oversee the ePort Connect Service, a substantial percentage of the company’s current total revenue, and one of our highest-potential growth opportunities. Adding Duncan augments and deepens our executive team with his significant financial and operational expertise, as well as his public company experience.  With the expansion of our team and increased breadth, USA Technologies can better focus on an important component of our growth strategy, which we believe will drive increased competitive advantage.”

Read more about the CFO move in The Wall Street Journal here, and check out previous VISTA Today coverage of Smith’s departure from Bryn Mawr Bank here.