A recent study commissioned by USA Technologies reports that cashless technology increases cash spending in vending machines.
In the study carried out by Michigan State University, it was found that cashless technology improved sales growth for machines producing under US$2,000 in annual sales, than for higher performing machines.
Activity was measured in 250,000 machines following cashless deployment over an 18-month period, and the results showed that card transactions increased by 74 per cent and cash transactions rose by 13.
Cashless sales jumped by 131 per cent in low performing machines versus 78 per cent overall. Cash sales increased by an average of 97 per cent in low-performing machines compared to 17 per cent across the board.
Transactions also rose in total by 26 per cent, 74 per cent for card purchases and 13 for cash.
The reasons given for the increases were the use of remote data management, allowing operators to deliver more efficient servicing, and sales analysis leading to a more strategic choice of goods stocked in the machines.
Currently, only a quarter of the estimated 4.5 million vending machines in the US are equipped to accept cashless payments, according to the study.