cashless vending
A new
love affair
Coffee vending machine company doozy shows
that cashless vending is the future...
By Doozy – www.doozy.life
We’re witnessing a rapid change in the
way people choose to pay. Each year,
cash payments see a decrease while
both card and mobile payments soar –
It’s affecting every industry. And we’ve
seen this with the rise of completely
cashless vending machines. There are
three main drivers for this change,
according to UK Finance:
•
•
•
Changing consumer preferences
Technological developments
Innovations in payment methods
It’s no secret that society is moving away
from cash. The summer of 2017 saw
card payments overtake cash as the UK’s
number one payment method. In 2006,
cash was the chosen payment method
with 62% of all purchases. Last year, the
percentage dropped to 40%.
The digital revolution has had
a massive impact. Smartphone
development, contactless payment
solutions, online banking and online
shopping are all factors encouraging
people to turn their backs on cash.
We’ve embraced a cashless society due
to its convenience and ease. In the past,
cards were used for higher purchases,
and cash for lower. This was partly
due to card fees which have now been
abolished. Gone are those days, now we
24 KIOSK solutions
choose to buy our coffee or lunch with
our cards too. The other factor aiding
the move towards card payments is
the ease and popularity of tap and go
(contactless).It's ultimately much simpler
to pull out a card and tap a reader, than
it is to count cash.
Contactless has become the trend
When contactless cards were first
introduced a decade ago, they were met
with anticipation. People were reportedly
concerned about data privacy and
the risks associated with cards being
stolen. These thoughts soon faded with
contactless now making up nearly half
of all card purchases. A sharp rise from
one in ten back in 2015. The contactless
or ‘tap and go’ option is used for a variety
of payments including, groceries, train
tickets, clothes or even a beer. World
Pay released figures based on payments
in UK stores and small businesses
and found that contactless had even
overtaken traditional chip and pin.
The growth of contactless started
in London. The underground adopted
contactless payment systems back in
2014 and was an early driving force of
the contactless revolution. Consumer
love for contactless didn’t happen as
quickly as some hoped with merchants
reluctant to spend money on upgrading