CASHLESS VENDING
Is it a matter of time before a total cashless shift?
The demand for the convenience of contactless transactions has skyrocketed growing synonymously with cashless payment options. But what do the experts have to say about this growth, if it will continue and how these systems will evolve
I
n 2019, the coronavirus pandemic accelerated the demand for contactless payment options. However, once COVID-19 restrictions lifted, consumers found that what once fostered safe
transactions now facilitates a more convenient experience. According to
UKfinance.org, contactless methods of payment accounted for 60% of credit card and 74% of debit card transactions at the end of 2022 in the UK, and approximately 41 per cent of US consumers (Pew Research) have gone contactless, as well. As a subgroup of cashless payments, contactless payment increases indicates a stronger trend toward overall cashless payment preferences. Likewise, of all UK vending transactions, cashless payments accounted for 55 per cent. This has incentivised point-of- sale manufacturers to transition to producing smart payment processors accepting payment through the tap of a credit card or a mobile phone. 365 Retail Markets head of Europe, Rutger Planken said: “In a
recent 365 Retail Markets payment processing analysis, we found that cash payments accounted for less than .05 percent of the payments that our devices processed. Additionally, less than one per cent of transactions accounted for consumers using cash as a means to fund digital payment methods. It is reported that in
Europe, approximately 70 per cent of all vending transactions are cashless while in the UK it’s 55 per cent.
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vendinginternational-online.com
Mr Planken said: “This means that the unattended retail industry is on the precipice of a major paradigm shift that completely phases out cash as a payment option for self-checkout. “365 Retail Markets has been preparing for this transition since
2015, when we transitioned the bill acceptor feature from a standard option to an add-on in an effort to prepare our operators for a cashless-first mindset. It’s merely a matter of time before the industry will soon completely follow suit.”
THE PREFERRED OPTION Pete Alcock, head of product marketing at payment technology specialist NMI said: “We all know that the pandemic contributed to a significant increase in contactless payments, and that shows no sign of slowing.
In addition to the high percentage of contactless credit and
debit card transactions reported by UK Finance, Barclaycard, which processes nearly half the UK’s credit and debit card transactions, stated that 91.2% of all eligible card and phone transactions were made using contactless. >>
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