Vending machines increasingly accepting electronic payments

While the American consumer has yet to make the complete switch to electronic payments, this technology is increasingly becoming present in their lives.

For instance, a growing number of high-tech vending machines have started to accept mobile payments in an attempt to increase sales. Last year, a study conducted by Rasmussen Reports found there were 500,000 to 700,000 of these machines in service, Bloomberg Businessweek noted. By 2018, it is projected there will be as many as 2 million.

To keep up with the competition, businesses who offer vending services would be wise to upgrade their machines to have mobile payments, as Rasmussen also found nearly half of all adults said they can go a week without paying for something in cash.

Michael Kasavana, professor at Michigan State University, told Bloomberg Businessweek that implementing electronic payment technology can help boost sales at vending machines by 25 to 30 percent. Additionally, he said revenue per transaction could jump 15 to 20 percent, as some types of machines often recommend other items to consumers. With that said, it would be wise for all vending businesses to incorporate this technology or risk being forced out of the market.