Cantaloupe trend report finds an increase in cashless and touchless payments
Cantaloupe, Inc. finds in its 2024 Micropayment Trends Report finds a significant rise in cashless and touchless payments, along with the growth of micro markets in the convenience industry.
The reports is based on an analysis of payment transaction data from a sample of more than 600,000 (out of 1.2 million) Cantaloupe card readers on food & beverage vending and amusement/gaming machines, as well as more than 13,000 micro market kiosks.
The study finds that consumers are increasingly opting for convenience when it comes to their food and drink purchases. Spending at vending machines continues to grow with more than $3 billion spent in 2023, marking a 23% increase from the previous year. Micro markets, a growing segment in the convenience industry, generated more than $750 million in sales.
Consumers are growing more accustomed and using in greater numbers cashless payment methods such as swiping, inserting or tapping with a credit or debit card, or with a mobile wallet. Cashless payments account for an average of 69% of food and beverage vending machine sales, with contactless payments (tap to pay) representing 65% of those cashless sales.
These figures demonstrate the continued shift towards more convenient and touchless payment options. Notably, 96% of payments at micro markets were cashless, while cashless payments constituted an average of 63% of total sales volume in the amusements and gaming segment.
Ravi Venkatesan, CEO of Cantaloupe, said of the report’s findings: "The continued growth in cashless and contactless payments, especially during the post-COVID recovery, indicates that the self-service and convenience industry is thriving. Cashless payments continue to dominate the self-service payment experience.”
For the first time ever, the Cantaloupe 2024 Micropayment Trends Report analyzed payment data from micro market kiosks. The report reveals a 36% increase in the number of installed micro market locations in 2023. This growth aligns with Vending Market Watch’s 2023 State of the Industry Report, which estimated more than 30,000 active micro market locations in 2022 — reflecting an 18% increase from the previous year.
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One major highlight from Cantaloupe’s report is the confirmation that consumers also spend 37% more at micro markets compared to vending machines. The average ticket size at markets was $3.07, while vending machines average $2.01 per ticket.
“We are thrilled about this report and the visibility it provides into consumer payment trends across various industry segments in which our customers operate,” noted Venkatesan. “The world is rapidly moving toward cashless and Cantaloupe has responded by offering products and services that align with consumer preferences. Our expanded range of cashless-only offerings, including the Cooler Cafe and AI-powered Smart Cafe, has successfully encouraged more operators and retailers to embrace the convenience of cashless and self-service experiences in a variety of settings.”
