Cantaloupe Notes Rapid Growth of EMV-Enabled Vending Credit/Debit Card Payments
13 Junho 2023 - 9:30AM
Business Wire
EMV Security Standard Makes It Easier for
Customers to Tap and Pay
Cantaloupe, Inc. (NASDAQ: CTLP), a digital payments and
software services company that provides end-to-end technology
solutions to power self-service commerce, reports a significant
increase in the amount of EMV transactions at food and beverage
vending machines in 2022. 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.
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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 U.S. particularly at self-service retail applications like
vending machines, self-service kiosks and micro markets.
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 U.S. and Canada, from January to
December 2022. The results showed that EMV payments grew by more
than 350 percent as a share of cashless sales at these machines in
2022, accounting for more than $500 million in sales for the year.
In fact, the number of total EMV transactions increased by more
than 400 percent over the course of the year. In January, EMV
payments only accounted for 14 percent of cashless transactions at
food and beverage vending machines; by December, that number was
over 52 percent – showing explosive growth in the use and
acceptance of EMV payments. Additionally, EMV payments were the
main drivers of contactless sales at food and beverage vending
machines in 2022, making up more than 52 percent of contactless
transactions by the end of 2022. The growth in contactless sales
specifically indicates that vending operators are taking note of
consumer and industry trends and are upgrading their equipment to
provide a safer and faster way to accept credit card payments.
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
U.S., Europe, and Australia including vending machines, micro
markets and smart retail, EV charging stations, laundromats,
metered parking terminals, amusement and entertainment venues, IoT
services and more. To learn more about Cantaloupe, Inc., visit
cantaloupe.com or follow the company on LinkedIn, Twitter,
Facebook, Instagram or YouTube.
G-CTLP
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version on businesswire.com: https://www.businesswire.com/news/home/20230613619052/en/
Jenifer Howard | 202-273-4246 jhoward@jhowardpr.com
media@cantaloupe.com
Cantaloupe (NASDAQ:CTLP)
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