Cantaloupe Notes Rapid Growth of EMV-Enabled Vending Credit/Debit Card Payments
EMV Security Standard Makes It Easier for Customers to Tap and Pay
Cantaloupe reported a significant increase in the amount of EMV transactions at food and beverage vending machines. This growth, as reported in Cantaloupe’s recently released 2023 Micropayment Trends Report, is partly due to the fact that consumers increasingly prefer making tap payments - and EMV-enabled credit cards allow for a faster and easier tap-to-pay experience. ((Photo: Business Wire)
“We saw huge growth in contactless payments at vending machines in 2022, especially as operators upgraded to EMV contactless-enabled card readers over the course of the year,” noted Elyssa Steiner, CMO of Cantaloupe, Inc. “With EMV’s ability to help reduce the chance of in-person credit/debit card fraud and increase the security of consumer financial data, Cantaloupe has been at the forefront of pushing for EMV adoption. The transition to EMV-enabled contactless card readers represents a huge benefit for the operator, the consumer and for us as a payment processor.”
EMVCo creates and manages EMV specifications and programs that enable seamless and secure card-based payments for businesses and consumers worldwide. As a global technical body, EMVCo is collectively owned by American Express, Discover®, JCB, Mastercard, UnionPay and Visa. A consumer with an EMV-enabled credit or debit card can pay by either inserting the card into a payment terminal or going contactless by tapping to pay. While EMV chip cards have been available for a few years, their use has steadily increased in the
Cantaloupe’s 2023 Micropayment Trends Report included analysis from a sample set of almost 675,000 active card readers on food and beverage vending machines in the
While Cantaloupe represents an example of trends in the micropayments space, partners like Discover Global Network have also seen similar payment trends on a larger scale across multiple industries. Most recently, Discover reported a 109 percent year over year increase in contactless sales volume and a 76 percent increase in transactions globally from 2021 to 2022.
“It’s no secret the payments landscape is rapidly evolving and shifts in how consumers pay are expected, says Judith McGuire, senior vice president, Global Products, Payment Services. “The ‘right’ technology enables success from end-to-end on the payment journey, which is largely driven by consumer demand. Contactless card usage has become an increasing part of EMV. This enables a fast, convenient, and secure payment option for consumers using cards or mobile devices.”
To learn more about the EMV statistics revealed in Cantaloupe’s 2023 Micropayment Trends Report, visit cantaloupe.com/resources/2023-micropayment-trends-report/.
About Cantaloupe, Inc.
Cantaloupe, Inc. is a global technology leader powering self-service commerce. With over a million active locations across the globe processing more than a billion transactions every year, Cantaloupe is enabling businesses of all sizes to provide self-service experiences for consumers. The company's vertically integrated solutions fuel growth by offering micro-payments processing, enterprise cloud software, IoT technology, as well as kiosk and POS innovations. Cantaloupe’s end-to-end platform increases consumer engagement and sales revenue through digital payments, consumer promotions and loyalty programs, while providing business owners increased profitability by leveraging software to drive efficiencies across an entire operation. Cantaloupe’s solutions are used by a wide variety of consumer services in the
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230613619052/en/
Jenifer Howard | 202-273-4246
jhoward@jhowardpr.com
media@cantaloupe.com
Source: Cantaloupe, Inc.