Benefits of Contactless/Cashless Vending Machines
For people in a rush, breakfast is a luxury. However, imagine being able to instantly purchase a coffee from a hot beverage vending machine and a pastry from a candy/snack vending machine without having to take out your wallet. Does this seem like a space-age fantasy? Well, with the incorporation of contactless, cashless technology into vending machines, this a reality.
Contactless, cashless payment options can come in many forms: plastic cards, flexible tags, mini-cards, or key chain fobs. The payment media only needs to be within the proximal range of the device reader for a vending machine transaction to take place. Unlike credit cards, which must have a working magnetic strip that is properly inserted into a card reader, contactless cards do not require direct contact or line of site. Therefore, you could purchase a soda from a soft drink vending machine while your contactless card remains in your purse or wallet. So what exactly are the benefits of using contactless, cashless payment in vending machines?
1. Increased consumer convenience: Payment media comes in a variety of forms, tailored to a consumer’s preference. Vending machine consumers can easily purchase coffee, ice cream, candy/snacks, and soft drinks from vending machines without having to smooth out crumpled dollar bills.
2. Faster transactions: Processing is rapid and the vending machine consumer does not have to search for their wallet or dig for loose change. This will come in handy for someone on their way to work who wants a fresh cup of coffee from a hot beverage vending machine.
3. Extended media life: Since there is no direct contact or magnetic strip there is little wear to the payment media.
4. Increased security of transactions: The payment media never leaves the possession of the consumer. Also, the information exchanged via the contactless media is not account information but a fully encrypted identifier which offer more security than conventional credit cards.
Contactless, cashless vending may help the vending machine industry to catch up with the retail sector. It gives the consumer the extra convenience of quick transactions so that they can get their coffee from a coffee or hot beverage vending machine faster. It also gives the vending operator the benefit of reduced cash management. However, when adding contactless, cashless options to vending machines, vending operators must be careful of where and how they implement the new technology. Adding cashless payment options to individual machines will not be effective because a consumer who must use cash to pay for their candy bar from a candy/snack vending machine will be less likely to use their credit card to purchase a soda from an adjacent soft drink vending machine. However, smart selection of locations has shown to increase average vending machine purchases by 15-20%.
Learn about how vending machine operators and the credit card companies can team up to promote cashless vending.
Back to the general overview on contactless payment.
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