contactless

Contactless: Vianet Research Confirms Our Belief…

Contactless Payment Solutions

The latest research from Vianet, the leading SMART machine provider for the vending and hospitality industries, found that more than half of people believe scrabbling around for change is outdated in 2017.[1]

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.

contactless

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 £25 billion in 2016 – up from £7.7 billion 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, Vianet said: “It is predicted that three quarters of payments will be cash and note free by 2025[2]. Cash is no longer king and businesses need to acknowledge this with their payment solutions.

contactless
Matt Lane

“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.”

[1] Vianet. (2017, 01 25). Consumer research into vending on a proportional representative panel of 2000 UK consumer. Ginger Research.
[2] A Cashless Future. (2017, 01 24). Retrieved from Trend Monitor

About the author

Yvonne Reynolds-Young

Planet Vending’s MD and Publisher is Yvonne Reynolds-Young. An island of corporate common sense surrounded by oceans of creative madness, Yvonne is the person to call if your intention is to make something happen. (She controls all the diaries and all the money, FYI). She’s also our Social Media Queen, single-handedly responsible for building PVs presence on LinkedIn, FaceBook and Twitter and thereby driving record volumes of traffic onto the site.

‘Customer service is my responsibility and it’s my job to make sure we’re always ahead of deadlines’ she says. ‘My background in big business means I speak the same language as our corporate clients and understand the particular pressures they face when working in the vending arena.’

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