EMV Security Standard Makes It Easier for Customers to Tap and Pay
The vending industry is currently experiencing a revolutionary shift as the adoption of EMV-enabled credit and debit card payments continue to expand at an unprecedented rate. EMV, Europay, Mastercard, and Visa, is a global method for secure transitions using chip-enabled payment cards.
This significant development is redesigning the way consumers interact with vending machines and paving the way for enhanced security, efficiency and other areas in that realm.
The backbone behind this transformation design is Cantaloupe. Cantaloupe is a digital payment and software service company that provides end-to-end technology solutions to power self-service commerce.
The Revolutionary Shift
Traditionally, vending machines predominantly accepted cash, limiting the purchasing options. However, with the widespread implementation of EMV technology, consumers now have the convenience of using their credit and debit cards to make efficient payments at vending machines.
The transition to EMV-enabled contactless card readers demonstrated an immense benefit for the operator, the consumer, and for Cantaloupe as a payment processor. EMVCo creates and manages specific aspects of EMV along with programs that allow for seamless secure card-based payments.
EMVCo is open to businesses and consumers worldwide and is collectively owned by American Express, Discover, JCB, Mastercard, Union Pay, and Visa. The two ways a consumer can use an EMV-enabled card is by inserting the card into the payment terminal or going fully contactless by tapping to pay
The Climb to Success
Throughout this year, Cantaloupe has been analyzing a sample set of 675,000 active card readers on food and beverage vending machines. While tracking the report, results showed that EMV payments grew by more than 350 percent as a share of cashless sales at these machines, averaging around $500 million in sales. This extraordinary growth in the use and acceptance of EMV payments reveals how this technology truly is transforming our world.
Similar companies such as Discover Global Network have also seen similar payment trends on a broader scale across multiple industries. In recent news, Discover reported a 109 percent increase year-over-year in contactless sales and a 76 percent increase in transactions globally from 2021 to 2022.
Overall, the rapid growth of EMV-enabled vending credit/debit payments is expected to continue its upward trajectory as more industries recognize the extreme benefits and adopt this technology. The vending industry is expected to experience a significant transformation as it embraces the digital age and enhances the overall customer experience.
