Vending machines advertising their support for Apple Pay are seeing a significant lift in revenues, according to USA Technologies, a company that specializes in cashless vending machine technology. The company reports that it has seen an impressive 89% increase in revenue through contactless purchases at the vending machines running on its ePort Interactive platform, which highlights its Apple Pay support at the point of sale. The company says it has rolled out support for mobile payment to more than 300,000 NFC-equipped machines nationwide.
What Brands Need To Do
Despite making some progress in broadening its availability and gaining traction among early-adopting users, mobile payments have yet to become mainstream. While a recent eMarketer survey found that 24% of U.S. smartphone users used mobile payments in 2015, up from just 12% in 2011, market research firm Aite Group estimated that Apple Pay only accounted for 1% of all US retail transactions as of last October.
Nevertheless, the revenue bump that USA Technologies gets through advertising its Apple Pay availability proves that there is an opportunity to increase sales by supporting mobile payments. Therefore, brands should not only incorporate mobile payments into their points of sale to facilitate a convenient check-out experience, but also do a better job of informing their customers of their support for mobile payments. This is also applicable for online retailers, as Apple Pay support is coming to web pages.