Contactless payments growing fast

The Vending Machine industry is seeing one of the most radical changes in direction with the growing importance of contactless payments and it is a change that is gathering pace across the world.

Recent surveys have shown that since 2015 when the system was first introduced and until now there has been a 272 % uptake in the use of contactless forms of payment for goods and services and that includes vending machines. Consumer spending on contactless is also up by a factor of 300 percent over cash and small change. In fact across the vending machine industry contactless payments now account for 30 percent of all transactions.

The benefits of contactless include speed and ease of making a purchase whilst there are unseen benefits for banks and other lenders. By not using coins banks will save on average £56,463 per month in not collecting and sorting coins. That is a staggering £677,556 per year or £9.41 per vending machine.