Self-serve sales continued to increase as USA Technologies’ (USAT) ePort terminals reports average annual cashless sales are up from $2,719 as of May 2014 to $3,477 as of May 2015 (28%). Consumers are spending, on an average, 32 percent more when they pay with a card versus cash.
Locations equipped with USA Technologies’ ePort Cashless Payment System went up to 37 percent during a recent one-month period from 32 percent during a similar one-month period a year earlier. The study is based on a data set of approximately 100,000 vending terminals, over 90,000 of which report both cash and credit sales. The results also showed an increase in average annualized cashless sales when 30-day data from April-May 2014 was compared to 30-day data from April-May 2015. Further, there was an increase in average ticket prices when a card or mobile wallet was used versus cash.
Monthly cashless usage is continuing to grow and USAT projects that, at current rates, cashless usage at locations equipped with USA Technologies’ ePort Cashless Payment System could hit 40 percent by this time next year.
In addition, ongoing Knowledge Base Studies continue to show a higher average ticket when consumers make purchases using a cashless payment method at a USAT ePort: from $1.21 when buying with cash, to $1.60 when buying with cashless – a 32 percent increase.
USA Technologies was able to cull this data from a data set of 100,000 cashless vending terminals in the traditional vending channel (beverage, food and snacks) that had at least 12 months of data available.
USAT’s Knowledge Base, used to assess the latest in cashless trends and behaviors, represents cashless payment data, and cash data where available, collected from its ePort Connect® service network ” a network that processes cash and cashless transactions across over 30 industry channels and sub-channels to assess the latest in cashless trends and behaviors.
For data, background and forecasts on USA Technologies: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).