Vending Machine Payment Systems Propel Global Market Value
May 10, 2018
The continuing advancement of vending machine payment systems is contributing to steady growth in the global vending machine market according to a new report. The market will in fact exceed $15 billion by 2025 if the report can be believed.
Vending machine payment systems contributing to large growth
Persistent Market Research, the researchers behind the report, put the progression of vending machine payment systems behind a lot of the potential growth of vending machines across various regions of the world. More and more vending machines are entering the 21st century. New ones have giant touchscreen LCD screens to make customer interaction easy, and more importantly, they can accept all kinds of smart payments.
To use a vending machine, a lot of the time you don’t have to rely on having a bit of loose change anymore. Machines accept payments from e-wallets and contactless cards using near field communication technology.
The report believes the biggest area for growth is in the corporate environment. It said the market value in the corporate setting in 2017 was $1,340 million, and that the CAGR (compound annual growth rate) for that sector of the market was 17.8 percent.
BioStore’s vending machine payment systems
Here at BioStore, we have our own approach to vending machine payment systems, but we firmly agree that it is in the corporate market that there is the biggest potential for useful and effective vending machines.
In a workplace environment, we integrate vending machines into an overall identity management system that takes advantage of either biometrics, smartcards or passwords. Employees can access the vending machine using a simple scan, and the payment is taken from a catering account they can top-up online.
When you take this approach, the authentication employees use to gain access to the office, to their computers, to print jobs and catering (whether in the canteen or from a vending machine), is exactly the same.
Vending machines are going nowhere, they remain a handy and convenient solution in numerous environments. Make them even better by adopting modern cashless payment systems.