Cashless vending machines outperform cash-only counterparts, study finds

Tuesday 7 May 2019 09:28 CET | News

A study conducted by researchers at Michigan State University and by USA Technologies has found that cashless vending machines outperform cash-only counterparts.

The report highlights the common practice of outfitting only high-volume machines with cashless technology, but the study’s findings suggest that low-performing vending machines can provide revenue growth once equipped with cashless hardware.

Vending operators that added cashless technology to machines experienced a sales growth of 110% on average over the first 18 months following deployment. This compares to the average 35% increase on the total population of machines studied.

Other study findings on average over the first 18 months following cashless technology deployment include:

  • 26% growth in total transactions;

  • 74% increase in credit card transactions and 13% increase in cash transactions;

  • 70% of all growth was accounted for by increased transactions;

  • spend per transaction rose by 7% overall.

The results of the study were based on sales activity of 250,000 vending machines connected to USA Technology’s cashless payments platform nationwide, including 95,000 “low-performing” machines.

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Keywords: cashless, cash, Michigan State University, USA Technologies
Countries: World