Pepi Food Service is looking to take the vending world wireless with this week’s announcement about going 100% cashless by the end of the year.
This news isn’t a big shock. Cashless vending was inevitable. Consumers just aren’t carrying loose change and dollar bills anymore, and if the vending industry wants to remain viable, being able to pay with whatever is in your pocket—even if it is a smartphone—is much needed.
This vending and food-services provider first announced a plan two years ago to roll out a cashless system to all vending machines throughout the course of a five-year period. Now, it is accelerating that schedule and will convert all machines before the year is up.
The telemetry service allows Pepi to accept new forms of payment. The technology is even designed to be open to all mobile payment platforms including Google Wallet, ISIS, PayPal, and others.
With the convenience of cashless payment in mind, people are beginning to embrace the concept of NFC (near-field communication). Research from Parks Associates shows 37% of U.S. mobile phone owners find the mobile wallet appealing. Of course, interest is highest among younger generations.
Some tech experts even say paying with mobile devices could be widespread as soon as 2020—eliminating the need for cash and even credit cards altogether.
But in order to reach that point, one big barrier has to be addressed first: Some consumers still do not trust the use of contactless payment, worrying transactions aren’t secured. But NFC isn’t something you should fear. Through the development of highly protected platforms, the M2M industry is taking the proper strides to ensure your income is safe.
NFC aside, it’s time to face the facts: The vending machine ain’t what it used to be. Mobile and wireless technologies enable you to make better purchasing decisions on a daily basis.
This year’s Connected World Conference, June 11-13, will have a session dedicated to “Next-Gen Vending.” Come learn more about how mobile and wireless technology is transforming your experience at the vending machine. Check out the agenda to learn more or register now.