Kiosk Solutions Issue 19 - Page 24

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