PAYMENT SYSTEMSAYMENT SYS PAY SY YSTEMS
It pays to go cashless
VI examines how recent developments in cashless payment are being embraced in vending and explores what the future is for newer paymentmethods including cryptocurrency.
A new report published by Discover Global Network which includes data from hospitality businesses, predicts that by 2 of payments made electronically – using card, cont devices – will overtake the number of those made in cash. According to the report only eight per cent of the world’s money ft in recent years
exists in physical cash, illustrating a marked shift towards electronic and mobile payments.
For vending this means any move to embrace new payment methods, while still offering all the traditional options, can help businesses become more competitive.
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A demand for immediacy and simplicity is the trend that is emerging, and likely means that future payment systems will be required to be as seamless and instantaneous as possible.
CRYPTOCURREN C Y
The much-documented rise of cryptocurrencies such as Bitcoin may also play a part in vending in the future and in fact earlier this year a cryptocurrency payment system for vending machines was launched by global cashless payment specialist On Track Innovations (OTI). The automated cryptocurrency payment solution allows the use of standard mobile crypto wallets with what is described as “high- speed, low-fee transactions with all currency exchange issues automatically handled.
Shlomi Cohen OTI's chief executive officer acknowledged that the cryptocurrency solution may take time for custom er adoption and generations of meaningful sales, but the company believed it would add value for its shareholders and contribute to OTI's growth over the long-term.
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The potential for cryptocurrency is not lost on some prominent vending players within the UK who are already beginning to question what part it will play in the sector.
22 |
vendinginternational-online.co m
actless, or mobile 021, the number
Martin Verspeak, CTO of Mr Lee’s Pure Foods Co says: “The pros for the use of blockchain are significant, with enhanced privacy and direct transfers likely to entice consumers as the technology tter well known.
becomes bett
“The transaction cost will most likely be a lot lower also, forming a solid reason for manufacturers to jump on board. The question we ask is, will cryptocurrencies speed up their process time to be a realistic competitor in the micropayments market? Also, will the enhanced security enable those users that fear standard contactless to embrace these payment types? At the end of the day, it’s all about consumer take-up, and we can't wait to see where consumers will take us.”
While it may take time to see if the upt have an impact on vending circles, other
cashless payment methods ake of cryptocurrency will
are here to stay and growing steadily as preferred over cash. Martin Verspeak argues that his customers are on the whole delighted when they spot a contactless panel, but more likely to
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