Credit Card News
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Other » Youth Love Spending Without Cash at Vending Machines

Youth Love Spending Without Cash at Vending Machines

By
Add to Favorites:
Youth Love Spending Without Cash at Vending Machines

Most people probably don’t think about the vending machine industry when they consider all of the businesses that are struggling as a result of the nation’s dismal economy. They have been as hard-hit by the recession—and subsequent high unemployment rate—as anyone.

The Millennial generation, perhaps better known as Generation Y, is comprised of individuals born throughout the 1980s and ’90s. According to research compiled by the National Automatic Merchandising Association, the trade group of the vending industry, over 85% the members of that generation—consumers aged from 18 to 29—indicated that they would prefer to engage in a transaction with a vending machine instead of using other retail options.

“They love playing around with new technology,” said Paul Schindelar, vice president of Kraft Foods’ vending division, as reported by cnbc.com. “That’s it in a nutshell.”

The vending industry hopes to increase its appeal to tech savvy young adults even more. They are equipping machines with new technology that makes them more interactive, in order to reap the reward of a much-needed boost in revenue. Some examples: machines with touch-screens that function like giant iPads; a machine that whips up fresh cotton candy; and even a machine filled up with healthy snack choices—with an embedded LCD screen that displays the nutritional information of its offerings.

NAMA (the National Automatic Merchandising Association) recently made a road trip to seven cities with several of the new high-tech machines on display, in order to showcase their abilities.

“We have never taken the technology out to the consumer,” said John Healy, of event organizer Healy & Schulte, NAMA’s marketing firm, according to cnbc.com. “We can’t wait for consumers to find them.”

Additionally, many vending machines are being outfitted with technology that allows consumers to make cashless purchases, since Gen Y members rely, in large part, on their credit and debit cards to make purchases. A study conducted by Apriva, a wireless solution provider, revealed that approximately 60% of vending operators indicated their intent to put into place payment systems that are credit-card based in the immediate future.

The time seems right for these changes, since they coincide with the advent of mobile payment systems that can turn someone’s smart phone into a virtual wallet.

Add to Favorites:

Related News:

Amex Acquisition Increases Security

By Dar Dowling, Posted: December 9, 2016

American Express has bought InAuth, Inc., a company specializing in providing customers with mobile device authentication and intelligence solutions. Continue reading
Citi Card Tracker Unveiled

By Dar Dowling, Posted: December 8, 2016

There is a new feature in town now that Citi credit cardholders in the U.S. can track where their replacement card is every step of the way as it travels to their mailbox. This new feature is available in the Citi Mobile App, whether the ... Continue reading
New Digital Wallet From SDCCU

By Dar Dowling, Posted: December 7, 2016

The San Diego County Credit Union (SDCCU) is rolling out their brand new digital wallet app for iPhone users. With the app people can use their phone to safely do their banking, whether that means using their phones to expedite cash ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.
For Excellent/Good Credit
Earn 1% cash back on gas and grocery purchases. Terms apply.
For Fair Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit