PAYMENT SYSTEMS Still a small demand for cash
Advancements in technology naturally mean that contactless payment will be the preferred method for almost all consumers, however, for now at least, there is still a place for cash purchases in the vending industry. The 2022 AVA census highlighted that several operators have a significant proportion of their machines that only accept cashless payment, with a desire to eliminate cash altogether from their businesses within a few years. The AVA annual census shows that in 2017, 66% of transactions in vending machines were completed using cash compared to just 34% cashless. The new census shows that in 2022, 72% of purchases were completed cashless and only 28% were coin and notes. This suggests that the demand for vending machines to take cash payments is present but is gradually falling year on year. It is only a matter of time until the vending industry fully transitions away from cash payments, with the sector already making huge strides to increase the number of machines that support cashless payments. Although it is without question that the vending industry is
shifting away from cash to focus on digital cashless payments, there is still a demand, albeit a small one, for cash. At present there are still over 8 million people in the UK who are
entirely dependent upon cash and the sector will need to consider how they can continue to support that.
Cashless and digital payments are redefining the vending industry
only one side of the coin. Cashless and digital payments are not only helping operators optimise their operations, but they are providing a much better customer experience. With tap and go payments, guaranteed refunds in the case of a faulty or incomplete transaction, and loyalty and engagement tools, operators are now armed with powerful sales-drivers. Operators no longer have to worry about customers not carrying cash, as they can pay with the cashless payment method of their choice, whether it be credit or debit card, mobile wallets, or prepaid cards. The last two are particularly powerful, as they enable the implementation of loyalty programs such as personalized discounts, punch card campaigns, and more. “Thanks to cashless payments, vending
In the vending industry, a switch to cashless devices can catalyze a big change, especially when combined with telemetry technology, a management system, and customer loyalty solutions. These solutions together enable vending
operators to remotely monitor and control their machines. Instead of visiting machines
on a daily basis to collect cash and to see what needs to be restocked, operators are empowered to make decisions on the go, to arrive at their machines with the exact products that need to be stocked and are able to refund transactions more easily in case a product is not distributed. Automating these processes is, however,
operators are now armed with a myriad of tools that enable them to grow their business more easily and efficiently,” says Lewis Zimbler, general manager, Nayax UK. “Payment technologies are central to Nayax, and this powerful infrastructure enables us to offer a complete solution to vending operators which includes management and loyalty solutions, helping them expand and future-proof their businesses.”
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