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Contactless payments will benefit vending market

March 9, 2006

ePaynews: Contactless payments in the U.S. are finding synergies with new self-service technologies and the card associations' moves to push low-dollar cash payments onto plastic cards and other devices. From 2003 to 2004, micropayment transactions of $5 or less grew from $2 billion to $5 billion, according to the American Bankers Association and Dove Consulting. Ipsos-Insight also has reported that 37 million U.S. consumers are open to using a payment card for micropayments, and almost 6.7 million individuals, for transactions of less than $1.

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