CASHLESS VENDING


The rise of contactless payments in vending


With the trend towards cashless/contactless gaining momentum, it will be crucial for vending to adapt, particularly during these challenging times.


I


n 2019 UK cash transactions accounted for only 23% of all payments according to trade body UK Finance.


More telling statistics are that 64% of cards


are cashless in the UK; £8.2 billion was processed via contactless in September 2020; and cash usage has dropped by over 50% since the start of the pandemic. Going by these stats, there is no doubt that the


pandemic has accelerated the mass adoption of digital technologies, including contactless. According to Marc Docherty, head of UK


acquiring/large – strategic business at Ingenico (a Worldline brand), cashless payment methods are now becoming the go-to option for consumers in need of a touchless experience in times of social distancing. Mr Docherty, who believes this will have a


significant bearing on vending, says: “Significantly for self-service consumers, being able to pay how they want makes a difference when choosing where they buy from. “Therefore, it is more important than ever that


vending operators rapidly adapt and scale new operational practices; accept electronic payment, update new contactless limits, introduce additional payments means, or even refund the user to reflect changing customer expectations. “Operators should look to the market, to


partners with full-service end-to-end payment solutions. This will offer them enhanced profitability, security control and transparency, as well as improved service for their customers


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which will avoid abandoned baskets. “By offering such advanced payments


systems, operators can benefit from making their processes easier and more accessible with a fully integrated, end-to-end payment solution. Simplifying the process in such ways will result in a faster, secure, and seamless payments process, with all services housed under one roof.” Laura Barwell, business development


manager at VMC believes ongoing consumer expectation for contactless payment now is “a change in behaviour that is here to stay”. She argues that even though the UK is


working its way out of lockdown and back towards normality, “the need for hygiene around payments is unlikely to ever change”. Ms Barwell believes that although contactless


payment has already experienced huge growth in the UK, the arrival of COVID-19 has undoubtedly made this explode even further. “For the vending industry, the ongoing nature of the pandemic has created a new level of


urgency around adding contactless payments to machines, and as a result we have seen a surge in demand for our cashless readers.” “Throughout the pandemic we have


continued to supply our Vendotek contactless readers to vending operators, giving many of them a lifeline in terms of maintaining their sales during this difficult trading period. “We have also seen the more forward-thinking


in the industry starting to adapt what is inside their machines, including items like masks and hand sanitiser, to support the COVID effort and boost their own sales.”


ConClusion


It goes without saying that COVID-19 has created myriad challenges for the vending industry, but by forming the right partnerships, revamping their offering and adopting cashless payment methods, there is still plenty of opportunity for operators to make a good comeback in 2021.


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