Smart Vending Machines Will Become the Norm

Mobile payments are no longer reserved for restaurants and retailers. Through recent technological innovations, smart vending machines are making their way across the country.

Vending machines are becoming just as cashless as the rest of society. Many units now come equipped with credit card readers that allow people to buy food and drinks without having to dig around for coins. N&W, a vending machine company, is set to launch 5,000 mobile-friendly vending machines over the next year, providing even more alternatives to traditional coin-op machines. The new units are powered by Intel.

Automated vending is a fast-growing sector of the economy, representing $42 billion in annual transactions. With the number of new mobile wallets to be released in the second half of 2015, the demand for such devices may be higher than ever.

N&W is not the only company looking to capitalize on smart vending machines. In July, payment solutions company PayRange launched a product that turns old vending machines into smart vending machines without replacing the entire unit. The device only costs $49, and allows users with a PayRange app to buy items through the machine without using any cash.