Spectra Technologies Co Ltd which began operations only three years ago has made a major impact in the move towards a cashless society.

The company's S9000 series of advanced cordless financial transaction terminals are used by 90 per cent of banks and 60 per cent of retailing stores in Hong Kong, according to Mr Mark Mak, Spectra's business development manager.

The company's latest model, the S9000i transaction terminal, has won the prestigious 1996 Hong Kong Award for Industry - Consumer Product Design.

Mr Mak said: "This new model accepts smart cards which are just being introduced into Hong Kong. We integrated smart card technology with credit card and debit card functions in our previous models, a technological breakthrough." The terminals consist of a base unit with telephone, modem and printer, and a detachable cordless handset which can be taken to customers to use their cards conveniently. The handset has a multi-lingual display. The terminals are also available in other variations ranging from multiple handsets with a single base to multiple S9000i to form a LAN.

Mr Mak said smart cards were introduced in Europe 20 years ago but they have started to become popular in Hong Kong only since August this year. Mr Mak said that, although only three years old. Spectra was able to design a sophisticated hi-tech product such as the S9000i because the management and R&D team had more than 10 years of technological experience. "The result is a compact, integrated, and beautifully engineered product.

"Winning the Hong Kong award has not only boosted the company morale but has confirmed our belief that success can only come from innovation," he said. The company's major markets for the product are other Asian countries.

"We are not at present actively pursuing markets outside Asia but we welcome serious partners, such as distributors and dealers, in other markets."