Cashless Payments Gaining Traction in Vending Industry

As you’re making purchases at the grocery store, buying gas from your local station or grabbing a snack from the vending machine, what payment method do you typically reach for? According to a survey conducted by Gallup, most Americans find themselves turning towards their credit cards or mobile payments. With 21 percent of people ages 23 – 54 using cash in their day-to-day lives that leave 79 percent of all transactions are cashless payments. More people are gaining confidence with cashless payment systems due to the ability to make payments quickly.

Technology advances now allow people to pay by swiping a card or using their phone, so the demand for innovation in basic services has increased. Vending machines and micro markets are offering more ways to pay for items.  Mobile pay and smartphone apps allow customers to prepay an account so funds are always on file for easy payment transactions.

A study conducted by Harris Interactive, a market research company, found that 66 percent of Americans believe smartphone payments will eventually replace credit card payments; 61 percent say the same for cash. Security is one of the biggest factors discouraging some consumers from making the switch to mobile payment.

Using credit cards or a mobile payment option at a vending machine can be new for some users, but it doesn’t have to compromise security. At National Vending, we assure PCI compliant equipment and payment systems that keep your information safe.

Does your vending machine have a credit card or mobile payment capability? Call National Vending for assistance in evaluating your technology and refreshment service program.

The Future of Payment Methods at the Vending Machine

How do you think people pay for items at the vending machine in the future? The vending industry has continuously changed over the years including the ways you can pay for items at the vending machines. While cash has been the most common payment method at a machine over history, there are a variety of other payment methods at vending machines:

  • Google Wallet – This payment method allows you to send and receive money instantly to anyone in the U.S. using an email address or phone number. It’s free and easy to use because all you need is the Google Wallet app and you can send money from your debit card, bank account, or Wallet Balance. With Google Wallet, you can “Tap and Pay” at some vending machines and the machine with charge the amount to your Google Wallet account.
  • Apple Pay – Apple Pay is a simple and safe way to pay using your mobile device Through Apple Pay, you can use your cards with just a touch to purchase an item from the vending machine.
  • Credit card readers – Many vending machines allow you to pay with your credit card and debit card. This is handy for those days when you realize you don’t have any cash on you.
  • Pay Range – This simple mobile payment system allows you to “swipe” on your mobile device for an item when you are within arm’s length from the machine. The Pay Range App does not send any of your personal information to the vending machine so it is considered a very secure payment option.
  • Yoke – Yoke is a payment system that takes the mobile wallet one step further by offering complete control with real time inventory tracking, data collection, and mobile self-checkout.

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These are just a few of the many current payment options at vending machines, but there are many others. As we go into the near future, mobile payments will continue to become more popular. The world is continually becoming more digital and vending machines will stay up to date with this trend.

Let us know how you think you’ll be purchasing items at the vending machine in the future!