The latest research from smart machine provider for the vending and hospitality industries, Vianet, has found that more than half of people believe scrabbling around for change is outdated in 2017.
The extensive research, taken from a proportionally representative panel of 2,000 consumers, also found that almost two thirds (63%) of people would be willing to switch to contactless payment in vending if it was available.
The top reason consumers gave for switching was that they wouldn’t have to find any change.
When a contactless payment solution has been added to a vending unit, data from Vianet’s estate reveals that the average value of a transaction rises by 7% to 94p.The insight also highlighted that the number of contactless transactions in vending machines increased by 61% between August 2016 and February 2017.
The research comes after statistics from the UK Card Association stated overall contactless spending rose to a staggering £25bn in 2016 – up from £7.7bn in 2015. This number is set to continue rising in 2017, with £4bn spent in over 442.5m contactless transactions during March 2017.
Matt Lane, managing director at Vianet, said: “It is predicted that three quarters of payments will be cash and note free by 2025 . Cash is no longer king and businesses need to acknowledge this with their payment solutions.
“The change in thinking is indicative of a wider consumer trend of digital ownership. We no longer own movies, we have Netflix; we don’t listen to CD’s, we have an iTunes account; the natural extension of this consumer behaviour is that we no longer use cash, but accept contactless payment instead.
“The vending industry is heavily entwined with cash as a method of payment, but we’re increasingly seeing savvy operators approach us for a payment solution that future proofs their business. As the data shows, businesses that have made the switch are already reaping the rewards of a higher price point and increased transactions.”