UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-K/A

                ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                  For the fiscal year ended September 30, 2002

                                 Commission File
                                 Number 0-25148

                        Global Payment Technologies, Inc.
             (Exact name of registrant as specified in its charter)

               Delaware                                          11-2974651
   (State or other jurisdiction of                            (I.R.S. Employer
    incorporation or organization)                           Identification No.)

425B Oser Avenue, Hauppauge, New York                               11788
    (Address of principal offices)                                (Zip Code)

        Registrant's telephone number, including Area Code: 631-231-1177
        Securities registered pursuant to Section 12(b) of the Act: None
          Securities registered pursuant to Section 12(g) of the Act:
                                  Common Stock

      Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months, and (2) has been subject to such filing
requirements for the past 90 days.
                                                      |X| Yes  |_| No

      Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.
                                                      |_|

      Indicate by check mark whether the registrant is an accelerated filer (as
defined in exchange Act Rule 12b-2).
                                                      |_| Yes  |X| No

      The aggregate market value of voting stock held by nonaffiliates of
registrant as of January 24, 2003 was approximately $25,100,000.

      The Company had 5,542,416 shares of Common Stock outstanding as of January
24, 2003.

                       DOCUMENTS INCORPORATED BY REFERENCE

                                      None.
<PAGE>

                                  INTRODUCTION

This Form 10-K/A amends the registrant's Form 10-K for the fiscal year ended
September 30, 2002 by deleting the information contained in Items 10, 11, 12 and
13 of Part III of such form and substituting the following for such Items.

                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

Current Members of the Board of Directors

The current directors of the Company, their respective Classes and terms of
office and biographical information is as set forth below.

Director                                Age       Class      Term Expires at
--------                                ---       -----      ---------------
Richard E. Gerzof                       58        I          2005 Annual Meeting
Stephen Katz                            59        II         2003 Annual Meeting
Martin H. Kern                          61        II         2003 Annual Meeting
Henry B. Ellis                          53        III        2004 Annual Meeting

Biographical Information

      Richard E. Gerzof has been a director of the Company since its inception
in 1988. Mr. Gerzof has been a partner of Sun Harbor Manor, a nursing home,
since 1974. He has also been a licensed real estate broker since 1982 and was a
partner or principal in Sonom Realty Co., a property management and construction
firm, from 1974 through 1992. He has also been a partner in the Frank's Steaks
Restaurant chain since 1993.

      Stephen Katz has been Chairman of the Board of Directors since September
1996 and Chief Executive Officer and a director of the Company since May 1996.
Mr. Katz served as Vice Chairman of the Board of Directors from May 1996 until
September 1996. From September 1984 until September 1995 Mr. Katz was Chairman
of the Board and Chief Executive Officer, and from September 1984 until
September 1993 was President, of Nationwide Cellular Service, Inc., then a
publicly traded reseller of cellular telephone services. Since 1992 Mr. Katz has
been Chairman of the Board and Chief Executive Officer of Cellular Technical
Services Company, Inc., a publicly held company engaged in developing software
for the cellular telephone industry.

      Martin H. Kern has been a director of the Company since November 1997.
Since 1988 Mr. Kern has been President of Diversified Resources Inc., a
management consulting firm specializing in turnarounds and the marketing of
consumer products. Prior thereto and for more than five years he was Executive
Vice President of The Great Atlantic & Pacific Tea Co., Inc. ("A&P"), and also
served as Chairman of the Board/President of Super Market Service Corp. and
President of Supermarket Distributing Corp., both A&P operating subsidiaries.

      Henry B. Ellis has been a director of the Company since July 1996. Since
1992 Mr. Ellis has been President and Chief Executive Officer of Bassett
California Company, a family-owned real estate holding company located in El
Paso, Texas. From June 1992 to February 1994 Mr. Ellis served as Chairman of


                                      -2-
<PAGE>

the Board and Chief Executive Officer of Grayson County State Bank, located in
Sherman, Texas. Since 1992 Mr. Ellis has served as a member of the Board of
Directors of Bluebonnet Savings Bank, a savings and loan institution located in
Dallas, Texas. Since February 2001 Mr. Ellis has also served as a member of the
Board of Directors of Cellular Technical Services Company, Inc.

Information about Non-Director Executive Officers

      The following table sets forth certain information with respect to the
non-director executive officers of the Company. Officers are elected annually by
the Board of Directors and serve at the discretion of the Board.

Name                  Age  Position

Thomas McNeill ....   40   Vice President, Chief Financial Officer and Secretary
Thomas Oliveri ....   44   Vice President, Chief Operating Officer

      Thomas McNeill has been Secretary of the Company since March 1997 and Vice
President and Chief Financial Officer of the Company since September 1997. From
October 1996 to September 1997 he served as Controller of the Company. From
March 1995 through October 1996 Mr. McNeill was Director of Finance for Bellco
Drug Corp., a pharmaceutical distribution company. From January 1991 through
August 1992 he was Controller and from August 1992 to May 1994 he was Vice
President of Operations, for the Marx & Newman Co. division of the United States
Shoe Corporation, a manufacturer and distributor of women's footwear.

      Thomas Oliveri has been Vice President, Chief Operating Officer of the
Company since November 2000 and was Vice President, Operations from March 1999
to October 2000. He was Director of Operations of the Company from January 1999
to February 1999. From May 1998 to November 1998 he served as Director of
Operations for Bennett X-Ray. From December 1995 to May 1998, he served as plant
manager and then as general manager of the Cybex division of Lumex, Inc. From
May 1993 to November 1995 he served as manager of technical services and then
plant manager within the Lumex division of Lumex, Inc.

Section 16(a) Beneficial Ownership Reporting Compliance

      Section 16(a) of the Securities Exchange Act of 1934, as amended, requires
the Company's directors and executive officers, and persons who own more than
ten percent of the Company's Common Stock, to file with the Securities and
Exchange Commission initial reports of ownership and reports of changes in
ownership of Common Stock of the Company. To the Company's knowledge, based
solely on a review of such reports furnished to the Company with respect to its
most recent fiscal year, the Company believes that during or with respect to the
fiscal year ended September 30, 2002 all reports under Section 16(a) have been
timely filed, except that Mr. Katz filed a Form 5 which disclosed a sale of
stock in 1998 which should have been reported on a Form 4 in that year.


                                      -3-
<PAGE>

ITEM 11. EXECUTIVE COMPENSATION

                             EXECUTIVE COMPENSATION
                           Summary Compensation Table

      The following table summarizes the compensation earned for the last three
fiscal years by the Company's Chief Executive Officer and all other executive
officers whose salary and bonus exceeded $100,000 for the 2002 fiscal year (the
"Named Executive Officers"), for services in all capacities to the Company
during its 2002, 2001 and 2000 fiscal years.

<TABLE>
<CAPTION>
                                                                                            Long-Term
                                                         Annual Compensation               Compensation
                                                         -------------------               ------------
                                                                                            Securities
         Name and Principal                                                                 Underlying
              Position                            Year         Salary          Bonus          Options
                                                  ----         ------          -----          -------
<S>                                               <C>         <C>             <C>            <C>
Stephen Katz .................................    2002        $175,000             --         50,000
     Chairman of the Board and Chief              2001         152,000        $30,000        300,000
     Executive Officer                            2000         150,000             --             --

Thomas McNeill ...............................    2002         158,000             --         30,000
     Vice President, Chief Financial              2001         140,000         40,000         20,000
     Officer                                      2000         115,000             --         15,000

Thomas Oliveri ...............................    2002         175,000             --         30,000
     Vice President, Chief Operating              2001         155,000         40,000         25,000
     Officer                                      2000         135,000             --         20,000
</TABLE>


                                      -4-
<PAGE>

                        Option Grants in Last Fiscal Year
                               (Individual Grants)

<TABLE>
<CAPTION>
                                                                                         Potential Realizable Value
                                                                                         at Assumed Annual Rates of
                                            % of Total                                   Stock Price Appreciation for
                    Number of Securities  Options Granted    Exercise                              Option
                     Underlying Options   to Employees in      Price       Expiration               Term
     Name                  Granted          Fiscal Year      ($/Share)        Date           At 5%          At 10%
<S>                       <C>                  <C>             <C>          <C>             <C>            <C>
Stephen Katz .....        50,000(1)            15.6%           $3.60        12/05/08        $73,000        $171,000
Thomas Oliveri ...        30,000(1)             9.3%           $3.60        12/05/08        $44,000        $102,000
Thomas McNeill ...        30,000(1)             9.3%           $3.60        12/05/08        $44,000        $102,000
</TABLE>

----------
(1)   The option was awarded at the fair market value of the Company's Common
      Stock at December 5, 2001, the date of the award, and becomes exercisable
      in cumulative annual installments of 25% per year on each of the first
      four anniversaries of the grant date.

                    Aggregated Fiscal Year End Option Values

<TABLE>
<CAPTION>
                       Shares                Number of Securities              Value of Unexercised
                      Acquired              Underlying Unexercised             In-the-Money Options
                         on                       Options at                      September 30,
                      Exercise   Value        September 30, 2002                     2002(1)
      Name               (#)    Realized   Exercisable/Unexercisable       Exercisable/Unexercisable
<S>                       <C>      <C>       <C>            <C>           <C>               <C>
Stephen Katz .....        0        $0        300,000        50,000        $1,005,000        $141,500
Thomas McNeill ...        0         0         45,125        51,375            38,910         137,280
Thomas Oliveri ...        0         0         32,625        58,875            43,050         129,150
</TABLE>

----------
(1)   The closing price of the Company's Common Stock as reported on the Nasdaq
      National Market on September 30, 2002 was $6.43 per share. Value is
      calculated by multiplying (a) the difference between the closing price and
      the option exercise price by (b) the number of shares of Common Stock
      underlying the option.


                                      -5-
<PAGE>

Compensation of Directors

      Messrs. Ellis and Gerzof were each granted 19,000 stock options for
services rendered as directors during the 2002 fiscal year. Mr. Kern was
granted 5,000 stock options and paid $13,900 for services rendered as director
during the 2002 fiscal year.

Employment Agreements

      Effective September 1, 2001 the Company entered into an agreement with
Stephen Katz providing for his employment as the Company's Chief Executive
Officer and Chairman of the Board. The agreement provides for a two-year term,
with an automatic extension for an additional one-year term beyond the initial
two-year term unless and until either the Company or Mr. Katz provides 90 day
advance written notice of a desire to terminate the agreement. The agreement
provides for a salary at a rate of $175,000 per year and may be increased to a
maximum of $225,000 should certain goals, as determined by the Board of
Directors, be attained. The agreement also provides for participation in
employee benefit plans, the use of an automobile and other fringe benefits.

      Effective July 1, 2001 the Company entered into an agreement with Thomas
Oliveri providing for his employment as Vice President and Chief Operating
Officer for a three-year term. The agreement provides for a salary at a rate of
$175,000 per year and bonuses and stock options as determined by the Board of
Directors. The agreement also provides for participation in employee benefit
plans and other fringe benefits. If terminated under a change of control event,
he would be entitled to earn up to 1.5 times his salary.

      Effective May 1, 2000 the Company entered into an agreement with Thomas
McNeill providing for his employment as Vice President and Chief Financial
Officer for a two-year term, with an automatic extension for an additional
one-year term unless and until either the Company or Mr. McNeill provides 180
day advance written notice of a desire to terminate the agreement. The agreement
provides for a salary at a rate of $158,000 per year and bonuses and stock
options as determined by the Board of Directors. The agreement also provides for
participation in employee benefit plans, the use of an automobile and other
fringe benefits. If terminated under a change of control event, he would be
entitled to earn up to 1.25 times his salary.

Compensation Committee Interlocks and Insider Participation

      The members of the Compensation Committee of the Company's Board of
Directors are Henry B. Ellis, Richard E. Gerzof and Martin H. Kern, each of whom
is a non-employee director. No member of the Compensation Committee has a
relationship that would constitute an interlocking relationship with executive
officers or directors of another entity.


                                      -6-
<PAGE>

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

      The following table sets forth, as of December 31, 2002, certain
information as to the Common Stock ownership of each of the Company's directors,
each of the Named Executive Officers, all executive officers and directors as a
group and all persons known by the Company to be the beneficial owners of more
than five percent of the Company's Common Stock. Unless otherwise noted, the
Company believes that each person named in the table below has sole voting and
investment power with respect to all shares of Common Stock beneficially owned
by such person.

<TABLE>
<CAPTION>
                                                     Amount and Nature    Percentage of
                 Name and Address                      Of Beneficial    Outstanding Shares
                                                         Ownership            Owned

<S>                                                      <C>                  <C>
Stephen Katz .....................................       738,800(1)           12.6%
    c/o Global Payment Technologies, Inc.
    20 East Sunrise Highway, Suite 201
    Valley Stream, NY 11581

Odyssey Financial Company ........................       335,000               6.0%
    c/o Stephen Katz
    20 East Sunrise Highway, Suite 201
    Valley Stream, NY 11581

Richard E. Gerzof ................................       385,208(2)            6.9%
    161 Sportsman Avenue
    Freeport, NY 11520

William H. Wood ..................................       315,700               5.7%
    621 Farr Shores Drive
    Hot Springs, AR 71913

Thomas McNeill ...................................        55,625(3)            1.0%
    c/o Global Payment Technologies, Inc.
    425B Oser Avenue
    Hauppauge, NY 11788

Henry B. Ellis ...................................        52,593(4)              *
    303 Texas Avenue #15
    El Paso, Texas 79901
</TABLE>


                                      -7-
<PAGE>

<TABLE>
<CAPTION>
                                                     Amount and Nature    Percentage of
                 Name and Address                      Of Beneficial    Outstanding Shares
                                                         Ownership            Owned

<S>                                                    <C>                    <C>
Thomas Oliveri ...................................        40,125(5)              *
    c/o Global Payment Technologies, Inc.
    425B Oser Avenue
    Hauppauge, NY 11788

Martin H. Kern ...................................        36,875(6)              *
    c/o Global Payment Technologies, Inc.
    20 East Sunrise Highway, Suite 201
    Valley Stream, NY 11581

All directors and executive officers as a group
(6 persons) ......................................     1,309,226(7)           21.7%
</TABLE>

----------
*     Less than 1%

(1)   Includes 312,500 shares issuable upon exercise of currently exercisable
      stock options and 335,000 shares owned of record by Odyssey Financial
      Company, a partnership of which Mr. Katz is Managing General Partner.

(2)   Includes 35,208 shares issuable upon exercise of currently exercisable
      options.

(3)   Includes 52,625 shares issuable upon exercise of currently exercisable
      options.

(4)   Includes 35,708 shares issuable upon exercise of currently exercisable
      options.

(5)   Includes 40,125 shares issuable upon exercise of currently exercisable
      options.

(6)   Includes 24,375 shares issuable upon exercise of currently exercisable
      options.

(7)   Includes 500,541 shares issuable upon exercise of currently exercisable
      options.


                                      -8-
<PAGE>

EQUITY COMPENSATION PLAN INFORMATION

      The table below sets forth certain information as of the Company's fiscal
year ended September 30, 2002 regarding the shares of the Company's common stock
available for grant or granted under stock option plans that (i) were adopted by
the Company's stockholders and (ii) were not adopted by the Company's
stockholders.

<TABLE>
<CAPTION>
                                                                                                  Number of securities
                                                                                             remaining available for future
                         Number of securities to be             Weighted-average                  issuance under equity
                           issued upon exercise of              exercise price of            compensation plans (excluding
                        outstanding options, warrants          outstanding options,        securities in the first column of
                                 and rights                    warrants and rights                    this table)
                        -----------------------------          --------------------        ---------------------------------
<S>                            <C>                                <C>                                <C>
Equity Compensation                 1,058,600                              $4.53                            304,550
plans approved by
security holders

Equity Compensation            Not Applicable                     Not Applicable                     Not Applicable
plans not approved
by security holders
</TABLE>


                                      -9-
<PAGE>

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

      The Company leases approximately 1,541 square feet in Valley Stream, New
York, from a company in which Stephen Katz, Chairman of the Board of Directors
and Chief Executive Officer of the Company, is a part owner. The lease, which
expires August 31, 2004, provides for an annual base rental of $33,000. The
Company has the right to cancel the lease after February 28, 2003. The facility
houses certain executive functions of the Company. The Company believes that the
terms of the lease are fair and reasonable and as favorable to it as could be
obtained from unaffiliated third parties.

                                   SIGNATURES

      Pursuant to the requirements of Sections 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this Amended Annual Report
on Form 10-K/A to be signed on its behalf by the undersigned thereunto duly
authorized.

                                        GLOBAL PAYMENT TECHNOLOGIES, INC.


                                        By: /S/ Thomas McNeill
                                            ------------------
                                        Name:  Thomas McNeill
                                        Title: Vice President,
                                               Chief Financial Officer


                                       10
<PAGE>

I, Stephen Katz, certify that:

1.    I have reviewed this annual report on Form 10-K of Global Payment
      Technologies, Inc. ("GPT");

2.    Based on my knowledge, this annual report does not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by
      this annual report;

3.    Based on my knowledge, the financial statements, and other financial
      information included in this annual report, fairly present in all material
      respects the financial condition, results of operations and cash flows of
      the registrant as of, and for, the periods presented in this annual
      report;

4.    GPT's other certifying officer and I are responsible for establishing and
      maintaining disclosure controls and procedures (as defined in Exchange Act
      Rules 13a-14 and 15d-14) for GPT and have:

      a)    designed such disclosure controls and procedures to ensure that
            material information relating to GPT, including its consolidated
            subsidiaries, is made known to us by others within those entities,
            particularly during the period in which this annual report is being
            prepared;

      b)    evaluated the effectiveness of GPT's disclosure controls and
            procedures as of a date within 90 days prior to the filing date of
            this annual report (the "Evaluation Date"); and

      c)    presented in this annual report our conclusions about the
            effectiveness of the disclosure controls and procedures based on our
            evaluation as of the Evaluation Date;

5.    GPT's other certifying officer and I have disclosed, based on our most
      recent evaluation, to GPT's auditors and the audit committee of
      registrant's board of directors (or persons performing the equivalent
      functions):

      a)    all significant deficiencies in the design or operation of internal
            controls which could adversely affect GPT's ability to record,
            process, summarize and report financial data and have identified for
            GPT's auditors any material weaknesses in internal controls; and

      b)    any fraud, whether or not material, that involves management or
            other employees who have a significant role in GPT's internal
            controls; and

6.    GPT's other certifying officer and I have indicated in this annual report
      whether there were significant changes in internal controls or in other
      factors that could significantly affect internal controls subsequent to
      the date of our most recent evaluation, including any corrective actions
      with regard to significant deficiencies and material weaknesses.


Date: January 27, 2003                        S/ Stephen Katz
                                              ---------------
                                        Chairman of the Board and CEO


                                       11
<PAGE>

      I, Thomas McNeill, certify that:

1.    I have reviewed this annual report on Form 10-K of Global Payment
      Technologies, Inc. ("GPT");

2.    Based on my knowledge, this annual report does not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by
      this annual report;

3.    Based on my knowledge, the financial statements, and other financial
      information included in this annual report, fairly present in all material
      respects the financial condition, results of operations and cash flows of
      the registrant as of, and for, the periods presented in this annual
      report;

4.    GPT's other certifying officer and I are responsible for establishing and
      maintaining disclosure controls and procedures (as defined in Exchange Act
      Rules 13a-14 and 15d-14) for GPT and have:

      b)    designed such disclosure controls and procedures to ensure that
            material information relating to GPT, including its consolidated
            subsidiaries, is made known to us by others within those entities,
            particularly during the period in which this annual report is being
            prepared;

      b)    evaluated the effectiveness of GPT's disclosure controls and
            procedures as of a date within 90 days prior to the filing date of
            this annual report (the "Evaluation Date"); and

      c)    presented in this annual report our conclusions about the
            effectiveness of the disclosure controls and procedures based on our
            evaluation as of the Evaluation Date;

5.    GPT's other certifying officer and I have disclosed, based on our most
      recent evaluation, to GPT's auditors and the audit committee of
      registrant's board of directors (or persons performing the equivalent
      functions):

      a)    all significant deficiencies in the design or operation of internal
            controls which could adversely affect GPT's ability to record,
            process, summarize and report financial data and have identified for
            GPT's auditors any material weaknesses in internal controls; and

      b)    any fraud, whether or not material, that involves management or
            other employees who have a significant role in GPT's internal
            controls; and

6.    GPT's other certifying officer and I have indicated in this annual report
      whether there were significant changes in internal controls or in other
      factors that could significantly affect internal controls subsequent to
      the date of our most recent evaluation, including any corrective actions
      with regard to significant deficiencies and material weaknesses.


Date: January 27, 2003                     S/ Thomas McNeill
                                           -----------------
                                        Vice President and CFO


                                       12