PAYMENT SYSTEMS


Paying into the future


From cash to QR codes to wearable technology VI looks at the latest innovations in payment systems and the opportunities they provide for vending operators.


In today’s environment, options for payment have grown beyond cash or credit card, with payment capabilities such as RFID and NFC, integrated into everyday devices. You can already pay for goods and services with mobile phones


using payment wallets or QR codes and now consumers can even pay with wearables like watches and jewellery, and in the future contactless clothing or connected cars are also envisioned. Wearable technology isn’t brand new by any stretch of the


imagination and in fact Barclays launched three fully ‘open market’ bPay products in 2015 – a wristband, fob and sticker – allowing users to attach a VISA or MasterCard debit or credit card to make contactless payments. ABI Research has in fact predicted that global wearable device


shipments are set to hit more than 500 million by 2021 and that 20% of these devices will be ‘connected’ with a payment, transport or access control application. All of this rapid innovation in cashless concepts is in large part


driven by customer demand for a frictionless experience, something vending operators cannot afford to ignore. According to Lewis Zimbler, managing director, Nayax UK: “The


onus is on the vending operators to keep up with this expectation in order to satisfy consumers, sustain their revenue and compete with other locales which are providing these services. The operator also needs to think beyond their typical customer. Local residents and global travellers alike will expect their preferred payment to be accepted wherever they go. “The question for operators becomes: how can I cater for all these


different types of payment? This is where Nayax can help. Our card readers support a host of global payments methods, large and small in scope and Nayax is constantly working to integrate more payment methods. Our solutions give operators the means for cashless payments, which is increasingly being demanded by consumers, and futureproofs your operation.”


SALES BOOST The growing potential to increase sales through contactless payment


20 | vendinginternational-online.com


technology is undoubtedly an advantage that operators have to keep in mind. The simple fact is that customers buying decisions may be limited


by the amount of cash they carry. Nobody wants to carry around a wallet full of change, but almost everyone will carry a bank card or mobile phone with NFC payment functionality with them every day. Along with expecting choice and speed when making payments,


today’s consumer to some extent also expects promotions and loyalty when it comes to buying food, all of which contactless can arguably deliver in spades. It may also provide additional benefits in the form of reduced


machine maintenance, no cash handling or theft issues, faster transfer of funds from machine to bank, and crucially 24/7 data capture providing vital knowledge about customers and machines. But how much will contactless terminals set you back? Well, it’s less


than you might think, according to Jill Bode, Vendotek UK business development manager. She says: “For some operators there is still a perception that


contactless terminals and the connectivity they require is too costly to install. The reality however is actually far less daunting – terminal costs have now come down to almost match a coin mechanism, and connectivity can be achieved with a simple SIM card rather than a costly new network. “Whilst there is no denying investment is needed to install


contactless, this can now be more easily justified by the operational savings and efficiencies it can bring.”


QR MOMENTUM Payment systems incorporating QR codes as a primary method of payment are also standing up to be counted. Per Hovland, managing director of Perk Dynamics said: “As new


payment systems become an increasingly important part of the new intelligent vending machine (IVM) infrastructure, those using QR codes as a primary method of payment on the IVM are now available.” This payment system offers security and a near frictionless method of creating a basket and paying via the smartphone.


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