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.

Is the world of vending taking over?

VendingWP

Unattended retail is on the rise thanks to changes in retail kiosks, vending machines and improvements in technology. The world of vending machines are taking over. Machines give customers the chance to interact with merchants more quickly, without having to waste time standing in a long line or dealing with slow-moving employees.

Research found by USA Technologies concludes that the interactive kiosk industry market will be worth $1.073 billion in the next decade. What about the growth of the market from previous years? That comes in at a shocking number; the industry has grown from $533.37 million in 2013 to $716.97 million in 2016.

Over the past year more vending options are taking over, but what kind of retail can we expect to see in these new kiosks and vending machines? Everything from luxuries like the beautiful Marla Aaron carbine lock pendants jewelry, to necessities like groceries and medicine to personal care products for the homeless. Not to mention the rise of self-serve options is getting a swift kick into the future with the opening of the new Amazon Go Store. Food and beverage kiosks have become the most common kind of kiosks in the U.S., accounting for a combined 35 percent of machines in the field as of 2016. But the industry has seen an increase in clothing retail and vehicle-charging kiosks as well.

All of these new developments mean we are on the road to a completely different retail experience. Unattended kiosks and markets allow for a speedier shopping experience and can reach more consumers in venues brick and mortar stores simply can’t. With technology advancing, capabilities such as remote machine monitoring, interactive touchscreens, identity verification are becoming more affordable. The growth of this industry can and will expand beyond what is typically sold in vending machines.