Business
Joint Study by Cantaloupe, Inc. and Michigan State University Finds Digital Payments Are Now the Preferred Payment Method at Vending Machines Powered by Increased Use of Contactless Credit Cards
Hospitals, Professional and Military Locations Show Greatest Annual Increases in Digital Payments Low Volume Machines Show Significant Increases in
About this update from Cantaloupe, Inc.
[{"type":"text","content":"\nHospitals, Professional and Military Locations Show Greatest Annual Increases in Digital Payments \n\nLow Volume Machines Show Significant Increases in Contactless Payments\n\n MALVERN, Pa.--(BUSINESS WIRE)--\nCantaloupe, Inc. (Nasdaq: CTLP) (“Cantaloupe” or the “Company”), a digital payments and software services company that provides end-to-end technology solutions for the unattended retail market, today announced the findings of a joint study with Michigan State University (MSU). The study found that while usage of cash payments was being outpaced by digital payments (magstripe credit cards, contactless credit cards and mobile payments) in 2019, on average the number of digital payment transactions per machine finally exceeded those made with cash in April of 2020 (137 digital and 135 cash transactions per machine), with the monthly digital sales volume per machine in April of 2020 being 47 percent higher on average than with cash ($235 versus $160).\n\nThe study found the growth of digital payments increased steadily through 2020. By November of 2020, the average number of payments made in cash that month had decreased from 52 percent in November of 2019 to 40 percent in November 2020. Meanwhile, as a percentage of digital payment transactions, usage of contactless credit cards increased 57 percent from 14 percent in November 2019 to 22 percent that same month in 2020, with a 9 percent dip in magstripe credit cards during that same period (86 percent to 78 percent of total payments). The joint study evaluated sales and transaction data from approximately 122,000 vending machines connected to Cantaloupe’s digital payment platform across the United States.\n\n“We have been reporting the growth in digital payments and transactions at vending machines for years. However, our research shows that as consumers sought touch-free payment options during the pandemic, digital payments became the preferred method overall, which is evident by the particular growth in usage of contactless credit cards,” said Elyssa Steiner, vice president of Marketing, Cantaloupe, Inc. “Now, we believe vending operators connected to our digital payments platform will benefit even more from not only greater sales and transaction volume, but increased insights from consumer data which can guide better decisions on products and pricing, streamline operatio...