In 1880, the first modern coin-operated vending machine was introduced into the London, United Kingdom market. Since then, technology has advanced sustainably to include a different variation of pre-packaged, individual meals and drinks. However, as in any other industry, the vending machine industry is still continuing to change and advance.
In a world where cash is becoming more and more infrequently used, the vending machine industry has started to adapt to the change of the economy. With the introduction of credit cards and mobile-enabled devices, the economic standard has changed dramatically to allow consumers to have their money without carrying cash, coins, or any other type of physical currency.
Why Change to Credit Cards?
In today’s market, the vending machine industry must adapt to the growing demand for credit card technology. In a CNBC news report, it is an estimate that 1 in 10 Americans don’t carry physical currency (cash, coins) on a daily basis, which prompts a significant shift in how Americans pay for goods and items.
Eurocard, MasterCard, and VISA (EMV) Chip Enabled Vending Machines
In addition to credit cards, companies are now increasing security to fight against cyber-attacks and protect personal information. In 1993, Eurocard, MasterCard, and VISA combined together to pioneer a smart technology, EMV chip, that would protect customers with an additional layer of encryption. Afterwards, other national and international credit card companies including Discover, Union Pay, Japan Credit Bureau, and more have followed suit causing a paradigm shift in how credit cards are accepted.
In 2017, a growing number of vending machines now including an EMV card technology adjudication before accepting the credit card payment or allowing a debit pin number to be entered.
Mobile Enabled Currency
In the past few decades, the world was introduced to advancement in technology through the computer, where a machine can compute informatics faster than a human. Shortly after, the telecommunications business exploded on to the scene with the introduction of the internet and wireless phones.
Since this introduction, technological advancement has taken these items and molded them together with our modern day mobile phones that can not only call someone without wires, it can search the internet, compute numbers, and even pay for goods through mobile-enabled currency.
Near Field Communications (NFC) Vending Machines Payments
In 2007, the world was introduced to the iPhone, a revolutionary phone produced by Apple, incorporated, that modeled the very successful iPod. Competitively, in 2008, Google released its first Android operating system device, HTC Dream, into the market.
A decade later, the two phone operating system powerhouses began their discent into the payment industry with the introduction of Apple Pay and Google Wallet.
Can Vending Machines Still take Cash?
Yes, absolutely. Although our beverage and full-service vending machines can now take credit card payments, they still will have traditional technology with cash payments. Our new state-of-the-art payment methods is a two-in-one system that can receive both payments.
New Jersey Credit Card Accepting Vending Machines
Atlantic Vending in New Jersey provides quality vending products and state-of-the-art vending services to business, schools, and their communities. Either it is a small office with beverage and coffee vending or a bigger institution with full line vending or micro markets, Atlantic Vending is here to help. We provide everything a business needs to run their vending effectively and efficiently. Call Atlantic Vending today at 1-888-218-8363 with your inquiry.