Youth Love Spending Without Cash at Vending Machines - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most 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

Youth Love Spending Without Cash at Vending Machines
The content is accurate at the time of publication and is subject to change.

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.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Free Credit Report from Capital One for Businesses
Free Credit Report from Capital One for Businesses

Posted: February 22, 2019

While consumers are entitled to get a copy of their credit report for free, if you are a business owner that is not the case, but Capital One has launched CreditWise, a new service that lets business get their credit report for free…. Continue reading

New Vendor Payment option from American Express and Bill.com
New Vendor Payment option from American Express and Bill.com

Posted: February 21, 2019

American Express and Bill.com have teamed up to roll out American Express Vendor Pay, a platform letting businesses make payments using their already existing American Express Corporate or American Express Business credit card. Vendor Pay… Continue reading

Get a 100,000 Bonus Points with the New Marriott Bonvoy Amex Cards
Get a 100,000 Bonus Points with the New Marriott Bonvoy Amex Cards

Posted: February 18, 2019

The new Marriott Bonvoy Amex cards are out and now new cardholders are eligible to get 100,000 bonus points. All they have to do to get the bonus points is spend $5000 with their new card within 90 days of getting it. The bonus is… Continue reading

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn unlimited 1.5% cash back on every purchase, every day
For Average, Fair, Limited Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!