The Green Sheet Online Edition
August 8, 2007 • 07:08:02
Cashless vending catches on
Responding to demand for cashless transactions in formerly cash-only environments, MasterCard Worldwide, USA Technologies Inc. and Coca-Cola Enterprises Inc. have embarked on the broadest single deployment of cashless vending machines to date.
Placement by Coca-Cola of about 7,500 USA Technologies' G-6 e-Port machines will double the number of such devices the beverage giant uses nationwide. Coca-Cola found that cashless vending often leads to higher sales volumes. Purchases are fast and convenient for U.S. consumers, who increasingly prefer cashless transactions that do not require signatures.
The G-6 e-Port terminal works in conjunction with MasterCard's PayPass system and employs both contactless and magnetic strip reader technology. The combination allows for improved efficiency because it offers the ability to monitor and manage vending machines online.
So long, cumbersome cash
"The information that these devices provide will enable us to decrease our out-of-stocks, improve our service and help reduce our fuel consumption," said Tom Barlow, Vice President, North American On-Premise Sales and Service, Coca-Cola Enterprises Inc.
MasterCard PayPass uses radio frequency technology to transmit payment details between the PayPass device and the merchant's terminal. The transaction is processed through the MasterCard network for clearing and settlement.
The cashless vending machines will be deployed in several markets, including Atlanta, Boston, Chicago, Denver, Las Vegas, Miami, New York and Seattle. In the past nine months, USA Technologies has placed more than 6,000 vending machines that use the PayPass e-Port.
Further benefits of e-Port technology include the ability for vendors to increase prices without losing volume, reduce theft and vandalism, and enable multiple vends in a single transaction.
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