Another interesting opportunity created by digital wallets is to potentially increase vending machine profits. Apple Pay and companies like Cantaloupe Systems are already selling vending machines that can accept wireless payments.
Payment apps could increase vending-machine use by making it easier for people to pay. They could simply access their account balance rather than walking around the office trying to borrow money, or get change from coworkers. Accepting wireless payments could also make for less work for vending machine operators because there would be fewer coins to count.
More importantly, payment apps could give vending machine operators a regular cash flow, that they could tap almost instantly. There would be less time spent counting money or making bank deposits. This could reduce the work and expenses of vending machine businesses.
Increased Revenue for Vending Machine Operators
There could be new opportunities as well; because vending machines in Japan and China already sell everything from mobile phones to rain coats. Vending machines in the United States and Canada, currently sell mostly snacks and drinks. Entrepreneurs could take advantage of Apple Pay and Android Pay by rolling out new vending machines that accept digital wallets; but sell a wider variety of merchandise.
A fascinating opportunity in the United States or Canada; where most people own vehicles, would be to create drive-up vending machines that take wireless payments. Another would be to put such vending machines into the growing number of transit stations in American cities like Denver and Los Angeles; where commuter rail systems are expanding.
Another option is to place vending machines in locations where people might not be carrying wallets or purses. This could include beaches, running or walking trails and even parks. People could quench their thirst or deal with the munchies without cash; if they had a phone and a payment app.
There will be many other opportunities created by wireless payments. Entrepreneurs that familiarize themselves with Apple Pay will be in a better position to take advantage of them.