Credit and Debit cards are becoming the preferred method of payment instead of cash. “In 2003, debit and credit card swipes numbered more than 34 billion in the United States. Experts predict that by 2010, card transactions will surpass those made by cash and checks combined†(ABC News). Bases on this information if would make sense for MasterCard and a Philadelphia Coca-Cola bottler to begin to equip over 1,000 vending machines to have the ability to accept credit, debit cards and MasterCard's PayPass.
The machines also hosts a contactless technology that uses radio frequencies to transmit payment details between the card and the sensor. So no signing or swiping is required. Both Visa and American Express have contactless cards similar to MasterCard's PayPass and all have plans to include this technology in cell phones, subway systems, cabs and much more.
Plastic Is The New Paper For Vending Machines
Plastic Is The New Paper For Vending Machines
Trend Themes
1. Cashless Payments - Opportunity for companies to invest in developing the infrastructure necessary for digital payments and contactless technology.
2. Contactless Cards - Opportunity for card companies to further expand their contactless technology to new industries and markets.
3. Mobile Payments - Opportunity to harness the power of mobile devices, such as smartphones and wearables, to offer consumers more convenient, seamless payment experiences.
Industry Implications
1. Payment Processing - Opportunity for payment processing companies to design and implement solutions that cater to the growing demand for cashless payments.
2. Vending Machines - Opportunity for vending machine manufacturers to incorporate contactless technology into their machines, providing customers with a more convenient and seamless purchasing experience.
3. Transportation - Opportunity for transportation companies to invest in contactless technology to enable seamless transactions for their customers, such as contactless payments for fares and tolls.