Mastercard and PayRange Make Cashless Vending Machines Available in 300 U.S. Cities
Mastercard has partnered with mobile payment processor PayRange to provide cashless vending machines in 300 cities across the United States. Customers can use Masterpass on their phones to pay for items in a vending machine, with no extra fees and no need for currency.
Masterpass is much like any other mobile wallet. It stores card information in an online account so users have access to all their cards on their phone. PayRange is a payment processor that communicates with machines—mostly vending machines and coin-operated washers and dryers. Combined, the two services allow consumers to pay for the items they want using the cards stored in their mobile wallet.
PayRange also works with Apple Pay and Android Pay, and has partnerships with the top four credit card networks in the nation: Visa, Mastercard, Discover and American Express. If users do not have card data stored in a mobile wallet, they can still use their payment cards through the PayRange app.
In 2015, PayRange came out with a plug-and-play device that turned old vending machines into “smart” vending machines. This gave machine owners the chance to accept smartphone payments without completely replacing their devices. Many new vending machine models have card and NFC payment technology already installed, but they come at a much higher cost than the $49 conversion dongle.