A new report that looked into data from hospitality businesses, predicts that by 2021, the number of payments made electronically will overtake the number of those made in cash.
This has obvious repercussions for the vending industry, which must embrace the new payment methods – using card, contactless or mobile devices – but not forgetting that some people still like to pay in cash. At the end of the day, all payment methods must be simple and quick if businesses are to remain competitive.
There is much talk about the rise of “cryptocurrencies”, such as Bitcoin, and what part they will play in vending in the coming years. In fact, one cashless payment company has already launched their cryptocurrency payment system for vending machines.
The company acknowledges that “it may take a little time” for consumers to take-up this method of payment, but is confident that the enhanced privacy and direct transfers are likely to win consumers over, as the technology becomes better known.