Isis has struck a deal with vending machine technology provider USA Technologies (USAT) that will see the NFC venture paying USAT a subsidy for converting up to 7,500 vending machines to accept Isis payments in its Austin, Texas and Salt Lake City, Utah test markets.
According to an official SEC filing:
Pursuant to the Marketing Agreement, Isis and the Company have agreed to work together to solicit owners and operators of vending machines located in the greater Austin, Texas and Salt Lake City, Utah markets to utilize the Company’s ePort and related ePort Connect Service which accept the Isis Mobile Wallet.
The Isis Mobile Wallet utilizes near-field communication (NFC) technology that enables consumers to use a mobile device to make contactless point of sale purchases from vending machines that utilize the Company’s ePort technology and services.
The Marketing Agreement provides that Isis shall pay to the Company a subsidy for each vending machine located in the above-mentioned markets which on or before December 31, 2012 utilizes the Company’s ePort technology which accepts the Isis Mobile Wallet.
This date may be extended by the parties to March 31, 2013. The Isis subsidy applies to up to 7,500 of such vending machines.