Document:

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Exhibit 4.28

                            STOCK PURCHASE AGREEMENT

         This Stock Purchase  Agreement  ("Agreement")  is made this 23rd day of
September  2003,  by  and  between  USA   TECHNOLOGIES,   INC.,  a  Pennsylvania
corporation  ("USA" or  "Company"),  and the buyers  identified on the signature
pages  hereto  and  detailed  on the  attached  Schedule  A  (each,  a  "Buyer",
collectively, the "Buyers").

                                   Background

         As more fully set forth herein, the Buyers have agreed to purchase from
the Company 18,000,000 shares of Common Stock of USA (the "Securities") for $.25
per share, for an aggregate of $4,500,000 ("Purchase Price").

                                    Agreement

         NOW THEREFORE, intending to be legally bound hereby, the parties hereto
agree as follows:

         1.  Subscription.  The Buyers hereby  purchase the Securities  from the
Company and the Company hereby sells and issues the Securities to the Buyers. In
full payment for the Securities,  the Buyers have delivered to USA, upon receipt
of the  Securities,  a check  payable  to USA or wire  transfer  of  immediately
available  funds  in the  amount,  in the  aggregate,  of  $4,500,000.  USA  has
delivered  to each Buyer a  certificate  representing  the  Buyer's  interest as
detailed on the attached Schedule A in the 18,000,000 shares of USA Common Stock
duly registered in the name of each respective Buyer.

         No later than thirty days after the date hereof,  USA shall at its cost
and  expense  prepare  and  file a  Registration  Statement  filed  on Form  S-3
("Registration  Statement") with the Securities and Exchange  Commission ("SEC")
registering  all of the Securities for resale by the holder under the Securities
Act of 1933,  as amended ("33 Act").  In the event that Form S-3 is  unavailable
and/or  inappropriate for such a registration,  the Company shall use such other
form as is available and appropriate for such a registration.  The  Registration
Statement shall be prepared as a "shelf" Registration  Statement under Rule 415.
Thereafter,  the  Company  will use its best  efforts  to have the  Registration
Statement declared effective by the SEC within ninety days from the date hereof.

The  Company  shall  use its best  efforts  to have the  Registration  Statement
maintained  effective  until the earlier of (i) one year from the effective date
thereof,  or (ii) the date that all of the Securities are resold pursuant to the
Registration Statement or otherwise.

         In the event that the Registration Statement to be filed by the Company
is not declared  effective  by the SEC within  ninety days from the date hereof,
then the Company will pay each Buyer as liquidated  damages for such failure and
not as a penalty three percent (3%) of the Purchase Price  ("Liquidated  Damages
Amount").  Such payment of the liquidated damages shall be made to each Buyer in
cash,  within five (5)  calendar  days of demand;  provided,  however,  that the
payment of such  liquidated  damages  shall not  relieve  the  Company  from its
obligations to register the Securities pursuant to this Agreement.

                                       52
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         2. Verification of Status as "Accredited  Investor".  Each Buyer hereby
represents to USA that it qualifies as an "accredited  investor" as such term is
defined in Rule 501 promulgated under the 33 Act, with total assets in excess of
$5,000,000.  Each  Buyer  hereby  represents  that  it is not a  corporation  or
partnership formed for the specific purpose of acquiring the Securities.

         3.  Representations  And Warranties of the Company.  The Company hereby
makes the following representations and warranties to the Buyers:

                  (a) Issuance of Securities. The issuance of the Securities has
been duly authorized by USA, and the Securities are validly  issued,  fully paid
and non-assessable.

                  (b) Corporate Organization.  The Company is a corporation duly
organized,  validly  existing  and  in  good  standing  under  the  laws  of the
Commonwealth of Pennsylvania,  with all requisite power, authority and licensing
to own,  operate and lease its properties and carry on its business as now being
conducted.

                  (c) Authority.  The execution and delivery of this  Agreement,
and the  consummation  of the  transactions  contemplated  hereby have been duly
authorized  by the Board of  Directors  of the  Company  and no other  corporate
proceedings on the part of the Company are necessary to authorize this Agreement
or to carry out the transactions contemplated hereby.

         4.  Representations by Buyer. Each Buyer represents and warrants to the
Company as follows:

                  (a)  Each  Buyer  has  received,   read  and  understands  the
         provisions of each of the following: (i) the Company's Annual Report on
         Form 10-KSB for the fiscal year ended June 30, 2002; (ii) the Company's
         Quarterly  Report on Form 10-QSB for the quarter  ended  September  30,
         2002;  (iii) the  Company's  Quarterly  Report on Form  10-QSB  for the
         quarter ended December 31, 2002; (iv) the Company's Quarterly Report on
         Form 10-QSB for the  quarter  ended March 31,  2003;  (v)the  Company's
         Registration  Statement  on Form SB-2  (File No.  333-101032)  filed on
         November 6, 2002 with the SEC (as well as the first  amendment  thereto
         filed with the SEC on April 17, 2003 and the second  amendment  thereto
         filed with the SEC on August 5, 2003); (vi) the Company's  Registration
         Statement  on Form SB-2 (File No.  333-107800)  filed on August 8, 2003
         with the SEC; (vii) the definitive proxy statement of the Company filed
         with the SEC on June 11,  2003;  and  (viii) the Risk  Factors  section
         incorporated  by reference  herein in Section  4(f) hereof.  Each Buyer
         understands  that all of the  foregoing  together  with this  Agreement
         shall be referred to herein as "Offering Materials".

                  (b) Each Buyer has relied only upon the information  presented
         and  contained  in the  Offering  Materials.  Each  Buyer  has  had the
         opportunity  to ask of the  person or  persons  acting on behalf of the

                                       53
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         Company any and all relevant questions in connection with any aspect of
         the Company  including,  but not limited to, the Securities  offered by
         the Offering  Materials and has received  answers which it considers to
         be  reasonably  responsive  to such  questions.  Each Buyer has had the
         opportunity to verify the accuracy of the information  contained in the
         Offering Materials.

                  (c) Each  Buyer  understands  that it is  subscribing  for the
         Securities  without  being  furnished  any  literature or prospectus in
         connection with the offering of the Securities  other than the Offering
         Materials,  and that the  offering of the  Securities  presented in the
         Offering  Materials  will not have been  scrutinized  by the securities
         administrator or similar bureau,  agency, or department of the state of
         its residence.

                  (d) Each Buyer  understands  (i) that the Securities  have not
         been  registered  under the 33 Act or registered or qualified under the
         securities  laws of the  state of  domicile  of such  Buyer;  (ii) that
         except as otherwise provided herein, such Buyer has no right to require
         such registration or qualification; and (iii) that therefore such Buyer
         must bear the economic risk of the investment for an indefinite  period
         of time because the  Securities may not be sold unless so registered or
         qualified  or  unless  an   exemption   from  such   registration   and
         qualification is available.

         Although the Company has agreed to use its best efforts to register for
         resale the Securities with the SEC, and to use its best efforts to keep
         such  registration  statement  current and  effective,  there can be no
         assurance that such efforts will be successful.  In any such event, the
         Securities  would not be  registered  for resale  under the 33 Act, and
         could  only be sold by the  holder in  reliance  upon  exemptions  from
         registration under the 33 Act.

                  (e)  Subject  to  being   resold   pursuant  to  an  effective
         registration  statement,  the Securities  are being  purchased for each
         Buyer's  own  account  for  investment  purposes  only  and not for the
         interest of any other person and are not being purchased with a view to
         or for  the  resale,  distribution,  subdivision  or  fractionalization
         thereof.  Although the Common  Stock of USA is currently  traded on the
         OTC Bulletin Board under the symbol USTT,  each Buyer also  understands
         that there may not be any  established  public  trading  market for the
         sale of the Securities.

                  (f) Each Buyer  recognizes that the purchase of the Securities
         involves a high degree of risk including  those special risks set forth
         under the caption "Risk  Factors" and "Forward  Looking  Statements" in
         the  Form  SB-2  Registration   Statement  of  the  Company  (File  No.
         333-107800)  filed  with the SEC on  August 8,  2003,  all of which are
         incorporated herein by reference.

                  (g) Subject to the registration  rights set forth above,  each
         Buyer  understands  that its right to transfer the  Securities  will be
         restricted as set forth on the stock  certificates.  Such  restrictions
         include  provisions  against  transfer  unless such  transfer is not in
         violation of the 33 Act, or applicable state securities laws (including
         investor suitability standards). Each Buyer is familiar with Regulation
         M  promulgated  under  the  33  Act  and  agrees  to  comply  with  its
         obligations thereunder.

                                       54
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                  (h) All  information  which the Buyers  have  provided  to the
         Company including,  but not limited to, its tax identification  number,
         its financial position,  and status as an accredited investor,  and its
         knowledge  of  financial  and  business  matters is true,  correct  and
         complete  as of the date of  execution  of this  Agreement.  Each Buyer
         understands   that  USA  will  rely  in  a  material  degree  upon  the
         representations contained herein.

                  (i) Each Buyer  maintains a principal place of business at the
         address shown on the attached  schedule A of this  Agreement,  at which
         address each Buyer has subscribed for the Securities.

                  (j) Each Buyer  understands  that legends may be placed on any
         certificate  representing the Securities substantially to the following
         effect:

THE SHARES  REPRESENTED BY THIS  CERTIFICATE  HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED,  OR APPLICABLE STATE SECURITIES STATUTES AND
REGULATIONS.  SUCH SHARES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT  FOR SUCH SHARES  UNDER THE  SECURITIES  ACT OF 1933,  AS AMENDED,  OR
APPLICABLE STATE SECURITIES  STATUTES AND  REGULATIONS,  UNLESS,  IN THE OPINION
(WHICH  SHALL BE IN FORM  AND  SUBSTANCE  SATISFACTORY  TO THE  CORPORATION)  OF
COUNSEL SATISFACTORY TO THE CORPORATION, SUCH REGISTRATION IS NOT REQUIRED.

                  (k) The  execution  and  delivery of this  Agreement,  and the
         consummation  of the  transactions  contemplated  hereby  has been duly
         authorized by each Buyer.

         5. Survival of Representations,  Warranties,  Covenants, Agreements and
Remedies. Except as specifically provided otherwise herein, all representations,
warranties,  covenants,  agreements  and remedies of the parties  hereto,  shall
survive the date hereof.

         6.   Entire   Agreement.   This   Agreement   constitutes   the  entire
understanding  and  agreement  between  the parties  hereto with  respect to the
transactions  contemplated  herein,  supersedes  all prior  and  contemporaneous
agreements,  understandings,  negotiations  and  discussions,  whether  oral  or
written, of the parties,  and there have been no warranties,  representations or
promises,  written or oral,  made by any of the parties  hereto except as herein
expressly set forth herein.

         7. Binding Agreement. This Agreement shall be binding upon and inure to
the benefit of the parties hereto, as well as their respective  heirs,  personal
representatives,  successors and assigns but no party may assign its obligations
hereunder.  The undersigned,  Wellington Management Company, LLP, represents and
warrants  to USA that it has the full and  complete  authority  to  execute  and
deliver  this  Agreement  on  behalf  of  each  Buyer  and to  make  each of the
representations,  warranties and covenants contained in this Agreement on behalf
of each Buyer.

                                       55
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         8.  Pennsylvania  Law Controls.  This  Agreement  shall be construed in
accordance  with  and  shall be  governed  by the  laws of the  Commonwealth  of
Pennsylvania without regard to its conflicts of law rules.

         IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement the date first above written.

                                          BUYER:
                                          Wellington Management Company, LLP,
                                          as investment adviser on behalf of the
                                          accounts detailed in the attached
                                          Schedule A

Witness: /s/ Gina Di Mento                /s/ Cynthia m. Clarke
         ----------------------------     ---------------------------------
         Gina Di Mento                    Cynthia M. Clarke
         Assistant Vice President         Vice President & Counsel

                                          Address:

                                          75 State Street
                                          Boston, Massachusetts 02109

                                          USA TECHNOLOGIES, INC.

                                          By: /s/George R. Jensen, Jr.
                                              -----------------------------
                                              George R. Jensen, Jr.,
                                              Chief Executive Officer

                                   Schedule A

Client Account Legal Name:                  # Common Shares  Purchase Price

Madeira Partners, L.P.                          1,200,000      $300,000.00

Madeira Investors (Bermuda)L.P.                   700,000      $175,000.00

Raytheon Technical Equity Hedge Portfolio
Raytheon Master Pension Trust                  13,000,000    $3,250,000.00

WTC-CIF Technical
Equity Portfolio                                3,100,000      $775,000.00

                                       56<PAGE>

Exhibit 4.29

                            STOCK PURCHASE AGREEMENT

         This Stock Purchase  Agreement is made this 26th day of September 2003,
by and between USA  TECHNOLOGIES,  INC., a  Pennsylvania  corporation  ("USA" or
"Company"), and GEORGE O'CONNELL, an individual ("Buyer").

                                   Background

         As more fully set forth herein,  Buyer has  purchased  from the Company
1,000,000 shares of Common Stock of USA (the  "Securities") for $0.25 per share,
for an aggregate of $250,000 ("Purchase Price").

                                    Agreement

         NOW THEREFORE, intending to be legally bound hereby, the parties hereto
agree as follows:

         1. Subscription. Buyer hereby purchases the Securities from the Company
and the Company hereby sells and issues the Securities to Buyer. In full payment
for the  Securities,  Buyer has  delivered to USA a check payable to USA or wire
transfer  of  immediately  available  funds in the amount of  $250,000.  USA has
delivered to Buyer a  certificate  representing  1,000,000  shares of USA Common
Stock duly registered in the name of Buyer.

No later  than  thirty  days  after the date  hereof,  USA shall at its cost and
expense   prepare  and  file  a  Registration   Statement   filed  on  Form  S-3
("Registration  Statement") with the Securities and Exchange  Commission ("SEC")
registering  all of the Securities for resale by the holder under the Securities
Act of 1933,  as amended ("33 Act").  In the event that Form S-3 is  unavailable
and/or  inappropriate for such a registration,  the Company shall use such other
form as is available and appropriate for such a registration.  The  Registration
Statement shall be prepared as a "shelf" Registration  Statement under Rule 415.
Thereafter,  the  Company  will use its best  efforts  to have the  Registration
Statement declared effective by the SEC within ninety days from the date hereof.

The  Company  shall  use its best  efforts  to have the  Registration  Statement
maintained  effective  until the earlier of (i) one year from the effective date
thereof,  or (ii) the date that all of the Securities are resold pursuant to the
Registration Statement or otherwise.

         In the event that the Registration Statement to be filed by the Company
is not declared  effective  by the SEC within  ninety days from the date hereof,
then the Company will pay each Buyer as liquidated  damages for such failure and
not as a penalty three percent (3%) of the Purchase Price  ("Liquidated  Damages
Amount").  Such payment of the liquidated damages shall be made to each Buyer in
cash,  within five (5)  calendar  days of demand;  provided,  however,  that the
payment of such  liquidated  damages  shall not  relieve  the  Company  from its
obligations to register the Securities pursuant to this Agreement.

         2.  Verification  of  Status as  "Accredited  Investor".  Buyer  hereby
represents to USA that he qualifies as an "accredited  investor" as such term is
defined in Rule 501  promulgated  under the Act because  Buyer has an individual
net  worth,  or joint  net  worth  with his  spouse,  if  married,  in excess of
$1,000,000.

                                       57
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         3.  Representations  And Warranties of the Company.  The Company hereby
makes the following representations and warranties to Buyer:

                  (a) Issuance of Securities. The issuance of the Securities has
been  duly  authorized  by  USA,  and  are  validly   issued,   fully  paid  and
non-assessable.

                  (b) Corporate Organization.  The Company is a corporation duly
organized,  validly  existing  and  in  good  standing  under  the  laws  of the
Commonwealth of Pennsylvania,  with all requisite power, authority and licensing
to own,  operate and lease its properties and carry on its business as now being
conducted.

                  (c) Authority.  The execution and delivery of this  Agreement,
and the  consummation  of the  transactions  contemplated  hereby have been duly
authorized  by the Board of  Directors  of the  Company  and no other  corporate
proceedings on the part of the Company are necessary to authorize this Agreement
or to carry out the transactions contemplated hereby.

         4.  Representations  by Buyer.  Buyer  represents  and  warrants to the
Company as follows:

              (a) Buyer has received,  read and  understands  the  provisions of
              each of the  following:  (i) the  Company's  Annual Report on Form
              10-KSB for the fiscal year ended June 30, 2002; (ii) the Company's
              Quarterly  Report on Form 10-QSB for the quarter  ended  September
              30, 2002; (iii) the Company's  Quarterly Report on Form 10-QSB for
              the quarter ended December 31, 2003; (iv) the Company's  Quarterly
              Report on Form 10-QSB for the quarter  ended March 31,  2003;  (v)
              the  Company's  Registration  Statement  on Form  SB-2  (File  No.
              333-101032) filed on November 6, 2002 with the SEC (as well as the
              first  amendment  thereto filed with the SEC on April 17, 2003 and
              the  second  amendment  thereto  filed  with the SEC on  August 5,
              2003);  (vi) the  Company's  Registration  Statement  on Form SB-2
              (File No. 333-1070800) filed on August 8, 2003 with the SEC; (vii)
              the definitive  proxy  statement of the Company filed with the SEC
              on June 11, 2003; and (viii) the Risk Factors section incorporated
              by reference herein in Section 4(f) hereof. Buyer understands that
              all of the  foregoing  together with this  Subscription  Agreement
              shall be referred to herein as "Offering Materials".

              (b)  Buyer has  relied  only upon the  information  presented  and
              contained in the Offering Materials. Buyer has had the opportunity
              to ask of the  person or persons  acting on behalf of the  Company
              any and all relevant  questions in  connection  with any aspect of
              the Company including,  but not limited to, the Securities offered
              by the  Offering  Materials  and has  received  answers  which  he
              considers to be reasonably responsive to such questions. Buyer has
              had the  opportunity  to verify the  accuracy  of the  information
              contained in the Offering Materials.

                                       58
<PAGE>

              (c) Buyer  understands  that he is subscribing  for the Securities
              without being furnished any literature or prospectus in connection
              with the  offering  of the  Securities  other  than  the  Offering
              Materials,  and that the offering of the  Securities  presented in
              the  Offering  Materials  will not have  been  scrutinized  by the
              securities  administrator or similar bureau, agency, or department
              of the state of his residence.

              (d)  Buyer  understands  (i)  that  the  Securities  have not been
              registered  under the Act or  registered  or  qualified  under the
              securities laws of the state of domicile of Buyer;  (ii) Buyer has
              no right to require such registration or qualification;  and (iii)
              that therefore Buyer must bear the economic risk of the investment
              for an indefinite period of time because the Securities may not be
              sold unless so registered or qualified or unless an exemption from
              such registration and qualification is available.

              Although  the  Company  has  agreed  to use its  best  efforts  to
              register  for resale the  Securities  with the SEC, and to use its
              best  efforts  to keep such  registration  statement  current  and
              effective,  there can be no  assurance  that such  efforts will be
              successful.  In  any  such  event,  the  Securities  would  not be
              registered  for resale under the 33 Act, and could only be sold by
              the holder in reliance upon exemptions from registration under the
              33 Act.

              (e) The Securities are being purchased for Buyer's own account for
              investment  purposes  only and not for the  interest  of any other
              person  and  are  not  being  purchased  with a view to or for the
              resale,  distribution,  subdivision or fractionalization  thereof.
              Although the Common  Stock of USA is  currently  traded on the OTC
              Bulletin Board under the symbol USTT,  Buyer also understands that
              there may not be any  established  public  trading  market for the
              sale of the Securities.

              (f) Buyer recognizes that the purchase of the Securities  involves
              a high  degree of risk  including  those  special  risks set forth
              under the caption "Risk Factors" and "Forward Looking  Statements"
              in the Form SB-2  Registration  Statement of the Company (File No.
              333-107800)  filed with the Securities and Exchange  Commission on
              August 8, 2003, all of which are incorporated herein by reference.

              (g) Buyer  understands  that his right to transfer the  Securities
              will be  restricted as set forth on the stock  certificates.  Such
              restrictions  include  provisions  against  transfer  unless  such
              transfer  is not in  violation  of the Act,  or  applicable  state
              securities laws (including investor suitability standards).  Buyer
              is familiar with Regulation M promulgated under the Act and agrees
              to comply with his obligations thereunder.

              (h) All  information  which  Buyer  has  provided  to the  Company
              including,  but not limited to, his social  security  number,  his
              financial position,  and status as an accredited investor, and his
              knowledge of financial and business  matters is true,  correct and
              complete  as of the  date  of  execution  of this  Stock  Purchase
              Agreement.  Buyer  understands  that USA will  rely in a  material
              degree upon the representations contained herein.

                                       59
<PAGE>

              (i) Buyer maintains his principal domicile at the address shown on
              the  signature  page of this Stock  Purchase  Agreement,  at which
              address Buyer has subscribed for the Shares.

              (j)  Buyer   understands   that  legends  may  be  placed  on  any
              certificate  representing  the  Securities  substantially  to  the
              following effect:

THE SHARES  REPRESENTED BY THIS  CERTIFICATE  HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED,  OR APPLICABLE STATE SECURITIES STATUTES AND
REGULATIONS.  SUCH SHARES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT  FOR SUCH SHARES  UNDER THE  SECURITIES  ACT OF 1933,  AS AMENDED,  OR
APPLICABLE STATE SECURITIES  STATUTES AND  REGULATIONS,  UNLESS,  IN THE OPINION
(WHICH  SHALL BE IN FORM  AND  SUBSTANCE  SATISFACTORY  TO THE  CORPORATION)  OF
COUNSEL SATISFACTORY TO THE CORPORATION, SUCH REGISTRATION IS NOT REQUIRED.

                  (k) The  execution  and  delivery of this  Agreement,  and the
         consummation  of the  transactions  contemplated  hereby  has been duly
         authorized by Buyer.

5. Survival of Representations,  Warranties, Covenants, Agreements and Remedies.
Except  as  specifically   provided  otherwise  herein,   all   representations,
warranties,  covenants,  agreements  and remedies of the parties  hereto,  shall
survive the date hereof.

6. Entire  Agreement.  This Agreement  constitutes the entire  understanding and
agreement   between  the  parties  hereto  with  respect  to  the   transactions
contemplated  herein,  supersedes  all  prior  and  contemporaneous  agreements,
understandings,  negotiations and discussions,  whether oral or written,  of the
parties, and there have been no warranties, representations or promises, written
or oral, made by any of the parties hereto except as herein  expressly set forth
herein.

7.  Binding  Agreement.  This  Agreement  shall be binding upon and inure to the
benefit of the  parties  hereto,  as well as their  respective  heirs,  personal
representatives,  successors and assigns but no party may assign its obligations
hereunder.

8.  Pennsylvania  Law Controls.  This Agreement shall be construed in accordance
with and  shall be  governed  by the laws of the  Commonwealth  of  Pennsylvania
without regard to its conflicts of law rules.

         IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Stock Purchase Agreement the date first above written.

                                        BUYER:

Witness:_________________               /s/ George O'Connell
                                        --------------------------------------
                                        GEORGE O'CONNELL

                                       60
<PAGE>

                                        Address:

                                        23091 Arroyo Vista
                                        Rancho Santa Margarita
                                        CA 92688

                                        Social Security Number:
                                        ***-**-****
                                        ---------------------------------------

                                        USA TECHNOLOGIES, INC.

                                        By: /s/ George R. Jensen, Jr.
                                            -----------------------------------
                                            George R. Jensen, Jr.,
                                            Chief Executive Officer

                                       61

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