Apple Pay Leading to Strong Sales Growth in Vending Machines
As Apple Pay and other mobile wallets continue to grow in popularity in America, they have found growth in an unexpected sector of the market – vending machines. Sales coming from soda machines, candy machines, mall kiosks, laundry machines, and a variety of other coin-operated devices have risen over the last few months as a result of accepting Apple Pay.
Apple Pay entered this market in the spring, but vending machines have already reported a 22% increase in sales based on a study that began in March. Contactless payments increased by 89%, and most of them were completed through Apple Pay.
“Smart” vending machines, or those capable of accepting contactless payments, have grown rapidly in America. In 2015, vending machine manufacturer N&W predicted they would launch 5,000 mobile-friendly machines in 2016. During that same time period, a product called PayRange came out to give older model vending machines the same “smart” features as the new machines. This device only costs $49, and can be installed on nearly any vending machine.
Millennials are the most likely group of people to drive the use of Apple Pay and other mobile wallets in vending machines.