Cantaloupe Releases 2023 Micropayment Trends Report
April 26 2023 - 8:00AM
Business Wire
Customers Prefer Cashless and Touchless
Payments, Which Drive Significantly More Revenue
Cantaloupe, Inc. (NASDAQ: CTLP), a digital payments and
software services company that provides end-to-end technology
solutions to power self-service commerce, recently completed its
2023 Micropayment Trends Report, which studied micropayment
trends (transactions less than $10) at food and beverage vending
and at amusement machines throughout the United States and Canada
in 2022. The results, which covered a sample of more than 700,000
active Cantaloupe card readers, showed that consumers are
increasingly using cashless payment methods — even for smaller
ticket transactions.
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Cantaloupe, Inc.'s micropayment trends
report showed that consumers prefer to tap to pay -- and they spend
more when they go cashless. (Photo: Business Wire)
“Cantaloupe has a unique perspective in the micropayments space,
which is different from other payment processors,” noted Ravi
Venkatesan, CEO of Cantaloupe, Inc. “Cantaloupe’s network of over
1.15 million active locations is spread throughout many industry
verticals, so while this report focuses on just a sliver of
self-service retail types, we can extrapolate larger trends from
this data and are excited with the momentum in self-service
commerce that it highlights.”
According to Cantaloupe’s 2023 Micropayment Trends Report,
consumers spent more than $2.5 billion at food and beverage vending
machines in 2022, a 19 percent increase over 2021. At those
particular machines, cashless payments accounted for 67 percent of
all sales in 2022, an increase of 11 percent from 2021. Of those
cashless sales, tap to pay made up an average 53 percent of
cashless sales for the year. In terms of consumer purchases, the
study found that the average cashless ticket size for food and
beverage vending machine purchases was $2.11, compared to only
$1.36 for cash purchases.
In the amusement category, the data around cash versus cashless
payments follows a similar pattern. Cashless payments made up an
average of 73 percent of total sales volume at amusement gaming
machines in 2022. Additionally, the average cashless ticket size at
amusement gaming machines for play purchases was $5.32, compared to
only $0.93 for cash purchases. This difference highlights that
consumers on average will spend 5 times more when initiating or
extending their play using a cashless payment method at an
amusement gaming machine.
“Our 2022 sales data reinforces that consumers spend more when
they go cashless, to a staggering degree,” said Ravi Venkatesan.
“For self-service retail operators, this showcases the significant
revenue increases they can realize by having cashless card readers
on their machines. Especially since for food and beverage vending
machines alone in 2023, we expect cashless payment transactions to
grow six-to-eight percent and contactless payments to grow
six-to-seven percent.”
Cantaloupe’s 2023 Micropayment Trends Report also focused on how
larger economic trends impacted the self-service retail industry.
With concerns about inflation on the price of consumer goods this
past year, vending particularly could have been negatively
impacted. However, the report shows that even as the rate of
inflation increased (peaking in June 2022 at 9.1 percent)1, and
even as operators increased prices in response, vending machine
purchases remained stable. Cantaloupe’s team noted how this
validates the resiliency of food and beverage vending services.
Additionally, the adoption of Europay, Mastercard and Visa (EMV)
security standards for payment cards also has had an impact on
self-service retail. 2022 was the year that EMV became the new
normal at food and beverage vending machines, self-service kiosks
and micro markets. Cantaloupe found that EMV payments grew more
than 350 percent as a share of cashless sales at food and beverage
vending machines over the course of the year.
“We are excited about the results of our 2023 Micropayments
Trends Report,” said Ravi Venkatesan. “Our findings reinforce the
consensus that consumers are shifting to cashless and contactless
payment options, even for smaller, on-the-go purchases. We feel the
trends revealed in the report are relevant to self-service retail
as a whole and look forward to observing how they evolve in
2023.”
To learn more about Cantaloupe and to read the 2023 Micropayment
Trends Report, visit cantaloupe.com.
About Cantaloupe, Inc.
Cantaloupe, Inc. is a software and payments company that
provides end-to-end technology solutions for self-service commerce.
Cantaloupe is transforming the self-service industry by offering
one integrated solution for payments processing, logistics, and
back-office management. The company’s enterprise-wide platform is
designed to increase consumer engagement and sales revenue through
digital payments, digital advertising, and customer loyalty
programs, while providing retailers with control and visibility
over their operations and inventory. As a result, customers ranging
from vending machine companies to operators of micro markets, car
charging stations, laundromats, metered parking terminals, kiosks,
amusements, and more can run their businesses more proactively,
predictably, and competitively. To learn more about Cantaloupe,
Inc., visit cantaloupe.com, explore the Cantaloupe Blog, listen to
the podcast UR Tech Insiders, or follow via LinkedIn, Twitter,
Facebook, Instagram or YouTube.
- Data from US Inflation Calculator, 2000-2023
G-CTLP
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Jenifer Howard | 202-273-4246 jhoward@jhowardpr.com
media@cantaloupe.com
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