If recent trends are to be believed, the concept of paying for goods and services in cash may be a thing of the past - at least as far as millennials are concerned. More and more young people are increasingly paying with Apple Pay and similar types of mobile payment systems that rely more on technology and less on good, old-fashioned currency.
What is Mobile Payment?
Mobile payment uses credit, debit card or bank account information tied to a user's smartphone to allow them to use technology like near field communication to pay for goods and services at many stores. Apple Pay is perhaps the most famous mobile payment system currently in existence, which allows users to pay for items using their iPhone 6 or similar iOS 8-powered devices. It launched in October of 2014, though it has long since been joined by similar services from many leading providers.
Mobile Payment and Vending Machines
One area where mobile payments are gaining a great deal of traction has to do with vending machines. Vending machines are already designed to offer quick, convenient experiences. This experience has only been made even faster and more efficient thanks to the fact that users can pay for items in seconds using their smartphones, smart watches and similar types of devices. These types of situations also have the benefit of being safer and more secure than a vending machine with a credit card reader.
One example of a mobile payment option for vending machines in action is the GreenLite system by Vending.com. It's a turn-key, cashless technology that is totally secure and offers management 24 hours a day, seven days a week. Built into GreenLite are a number of features that make it incredibly attractive to providers like machine sales tracking, integrated cash versus cashless reporting, alerts for the health and status of a particular machine and more.
In addition to making the vending experience more pleasing for consumers, it's also making it easier for the vendors themselves to manage their machines and make sure that they're performing to peak efficiency than ever before.
Keeping up with the breakneck pace of technology has long been seen as a cost of doing business in the modern world. Thanks to mobile payment technology and services like the GreenLite system from Vending.com, however, technology is actually encouraging the investment for vending machine operators and providers all over the world. In addition to turning vending machines into a more customer-centric experience, they also bring with them a host of benefits that would have been thought to be impossible just a few short years ago.