Contactless payments may have only been around since 2007, but we already cannot remember life before this little payment miracle. Their introduction has changed the payment landscape forever, making payment transactions so fast that you can pay for your coffee before the button is even pressed to produce it!
In August of this year, contactless payments accounted for 62 per cent of all UK debit card transaction.*
This shift is confirmed further with The Guardian reporting that The Royal Mint is to stop production of £2 and 2p coins (for at least a decade), due to excess stock. It also claims that cash demand fell by 71% between March and April of this year, right at the start of the pandemic.
“As lockdown restrictions continued to be eased in August, we saw record numbers of customers choosing to make contactless payments using debit cards. Contactless card transactions using either debit or credit cards also increased compared to July, suggesting that consumers are taking advantage of the £45 contactless spending limit.
Meanwhile, the amount of spending on UK debit cards fell slightly in August following a record high in July but remained strong at £58.4 billion.”
Said Eric Leenders, Managing Director of Personal Finance, UK Finance.
What does this mean for vending?
This means that if you do not have a card reader on your vending machine you are potentially missing out on 50% of sales. We also know that if users have the option of paying by card they are more likely to purchase on impulse, as a trip to a vending machine is not usually a planned visit.
This means that if you do not have a card reader on your vending machine you are potentially missing out on 50% of sales. We also know that if users have the option of paying by card they are more likely to purchase on impulse, as a trip to a vending machine is not usually a planned visit.
How do I get a contactless payment device on my machine?
Well that is easy, every machine that leaves our workshop has a device fitted! So you don’t need to do anything to offer your end user a simple and seamless transaction.
What are the benefits of the device?
We have chosen the Nayax Onyx payment device which is an industry leader. It’s simple to use the device, and it can even talk users through the process (in 20 different languages).
The system can be managed remotely and offers a wide range of sales data in real-time, meaning that you can truly understand user personas and buying trends.
Is there a way that I can encourage customer loyalty?
The Nayax Onyx works hand-in-hand with the Monyx Wallet payment app. This app enables users to track spending, win prizes and save money every time they top up their account.
What does this mean for users?
- 10% extra credit is added to their account every time they top-up by just £10
- Return custom and loyalty is rewarded with gifts and the ability to play games (to win a prize)
- Users can track their spending with a complete payment history
- Refunds are quick and simple as users can be refunded instantly through the online management portal (if they do not receive their chosen product)
Sound good? Why not set up a video call with one of the team today and let’s get started!
* Taken from a Finextra article published November 2020.
