COINS & NOTE HANDLING Demand for cash payment remains
Cashless transactions in vending are on the rise with more and more operators investing in cashless payment options, but there is still a place for coins and notes
ending has always been at the cutting edge of technological developments. The plain metal box people associate with vending has changed considerably over the years, from the addition of screens to provide product information, to cashless and even contactless technology – all connected to the ‘internet of things’. Over the last year, the Vending and
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Automated Retail Association (AVA) has seen many operators investing further in cashless readers and pay-by-app systems in order to maximise both consumption and transaction values. In fact a recent AVA census showed that cashless is now available on 65% of the pay vend base, and – where cashless systems are fitted – 72% of consumer transactions are by phone or card. AVA chief executive David Llewellyn says: “There are clear benefits
of this including no cash handling and resulting ‘leakage’, as well as reduced need for visits to the machines and maintenance. “However, HM treasury has previously mentioned that we must continue to recognise the 5% of people who only have access to cash transactions and cannot exclude them by removing this option from public sites altogether.”
CASH STILL IN DEMAND Marcus Tiedt, sales & marketing director, Innovative Technology, contends that coin and note handling technology is advancing despite the rise of cashless and mobile payments in various sectors and countries.
“Many vending machines in public zones such as train stations, airports and tourist areas still require and accept cash, so robust cash
handling solutions remain vital for this industry.” He explains: “Controlling costs is key for vending, so a fully cashless solution may not be attractive for machine operators as digital payments are not free. The expense of buying or leasing contactless card readers and merchant fees for using mobile payments can soon mount up especially with many units in service. For the consumer, convenience and anonymity are all advantages
of using cash. Often the older generation do not have digital payment methods enabled, so cash payments provision ensures equal choice. And it’s not just the older generation using cash. A study in May
2023 by US finance company Credit Karma revealed that 69% of Gen Z are using cash more now than a year ago, with 23% using cash for most of their purchases. Mr Tiedt said: “It is clear that vending operators need to offer
different payment options to meet customer preferences. Technology failures highlight this need when payment card outages result in retailers introducing cash-only payments. With a fully cashless vending machine this would mean complete downtime and loss of income. “Cashless payments are not increasing in every territory, so cash handling technology must continue to advance. Offering different payment options will remain key for vending operators with the latest technology leading the way.” ITL has a range of note validators and recyclers including its NV9
range which is widely used in the vending industry. The BV30 is also available for compact vending ideal for low value transactions. Operators can ensure change is always available by adding our note recycling capability too.
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