November 2022 - 25

CONSUMER TRENDS
In its 2021 Back to Business Study,
Visa found that more than half (56%)
of consumers were using contactless
payments whenever possible.
Those surveyed for the study were also
found to have new expectations when
it comes to paying at stores. In fact,
tapping a credit or debit card is the top
contactless option consumers expect
(62%), followed by mobile payment
apps (41%) and paying with a mobile
wallet (37%). According to the study,
" The use of contactless payments
became part of the public health
response to COVID-19, but the
convenience, security and reliability
of those payments will no doubt
reinforce long-term habits. "
Data from the vending industry,
specifically, also finds these statistics
to be true.
Earlier this year, Cantaloupe Inc.
partnered with the Broad College of
Business at Michigan State University
for a joint study on payment trends in
unattended retail. The study analyzed
a sample set of 160,000 Cantaloupe
ePort cashless devices across various
segments from January 2021 to
October 2021 and found that the
overall share of cashless transactions
increased from 51% in January 2020
to 62% in October 2021 compared to
cash transactions, which decreased to
49% to 38% in the same time period.
The study also found that starting in
January 2020, 18% of cashless
transactions were contactless.
By October 2021, contactless
transactions had increased to 43% of
total cashless transactions overall. In
an August company announcement,
Cantaloupe CEO Sean Feeney noted,
" When we analyze our entire network
of devices throughout the first half
of 2022, we're seeing contactless
payment methods make up nearly half
of all cashless transactions. And these
trends aren't slowing down. The data
indicates that by the end of 2022, more
than two-thirds of all transactions will
be cashless, driven by consumers
preferring to tap. For vending operators,
this underlines the importance of
offering contactless payment options
if they want to increase revenue and
remain competitive. "
The rise in cashless payments, the
company reported, is being driven
by consumer adoption of contactless
payments (any payment method that
uses either NFC or RFID technology
to " tap to pay " ), including a chip card
or a mobile wallet. Based on the data,
the study predicts that contactless
payments will grow another 31%
during 2022.
TOUCHLESS PAYMENT
SOLUTIONS
Manufacturers in the industry have
been leading the charge by offering
advanced touchless payment
technologies that keep up with this
change in purchasing behavior.
Cantaloupe announced earlier this
year that it would integrate Vendekin's
Retrobox, a patented hardwareenabled
SaaS product to make
vending machines touchless and
smart, supporting frictionless
experiences for consumers.
Introduced five years ago,
Vagabond's vĪv touchless payment
platform technology allowed its
original telemetry device to take
payments. " We already had a telemetry
device of our own, and there were
plenty of credit card options out
there, and it didn't make sense at the
time for us to create a credit card
reader when there were so many good
options already, " said Juan Jorquera,
vice president of sales and marketing
at Vagabond. " So, we thought, 'Why
don't we create something different?
Let's make our telemetry device
more powerful and allow it to take
payments.' The added bonus was that
it reduced the costs for our customers
since the device was a fraction of
the cost of a credit card reader. "
The telemetry device itself plugs
into the machine controller board
and is able to communicate with the
processor and with the machine to
make it so the coils will turn. " So, the
consumer funds that machine with
payment through their phone, the
machine verifies the credit and sends
the signal from the telemetry device to
the machine controller board, saying,
'yes, you received payment, turn the
coil,' " said Jorquera. " All of that was
possible due to the backend vending
management software that we built
with Vagabond. Without that, we
wouldn't have been able to create the
touchless technology. "
Last year, Florida operator Manuel
Barrios of CVM Services Inc. decided
to take advantage of the opportunities
touchless technology could bring,
and he upgraded specific accounts
with Vagabond's vĪv touchless payment
platform. Barrios deployed vĪv on
every vending machine he manages
at Bethune-Cookman University
(B-CU) in Daytona Beach, making
it the first university in the U.S. with
completely touchless vending purchases.
He not only replaced existing card
readers and telemetry devices with
Vagabond vĪv Insight devices but
also removed bill validators and coin
mechanisms to make the machines
completely touchless.
B-CU students and staff have
benefitted from this change by being
able to remotely view products in the
machines, have remote access to
nutritional information, experience
a touchless and safe purchase, and
access product discounts through vĪv,
including the First Purchase
Free program.
Other manufacturers are offering
completely touchless experiences as
well. PayRange, for example, offered a
touchless payment option long before
the pandemic. With the company's
BluKey device, consumers never need
November 2022 * VendingMarketWatch.com 25
http://www.VendingMarketWatch.com

November 2022

Table of Contents for the Digital Edition of November 2022

Editor’s Note
Industry News
Lack of employee loyalty is nothing new – Here is the cure
Pros to Know Awards
Elevate the vending experience
What to expect – when you’re expecting to sell
Upstate Hospitality
Classifieds
Social Hubs
November 2022 - PCOV1
November 2022 - PCOV2
November 2022 - 1
November 2022 - 2
November 2022 - 3
November 2022 - 4
November 2022 - 5
November 2022 - Editor’s Note
November 2022 - 7
November 2022 - Industry News
November 2022 - 9
November 2022 - Lack of employee loyalty is nothing new – Here is the cure
November 2022 - 11
November 2022 - Pros to Know Awards
November 2022 - 13
November 2022 - 14
November 2022 - 15
November 2022 - 16
November 2022 - 17
November 2022 - 18
November 2022 - 19
November 2022 - 20
November 2022 - 21
November 2022 - 22
November 2022 - 23
November 2022 - Elevate the vending experience
November 2022 - 25
November 2022 - 26
November 2022 - 27
November 2022 - What to expect – when you’re expecting to sell
November 2022 - 29
November 2022 - Upstate Hospitality
November 2022 - 31
November 2022 - 32
November 2022 - 33
November 2022 - 34
November 2022 - 35
November 2022 - 36
November 2022 - 37
November 2022 - 38
November 2022 - 39
November 2022 - 40
November 2022 - Classifieds
November 2022 - Social Hubs
November 2022 - 43
November 2022 - 44
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