Cantaloupe, Inc.’s 2024 Micropayments Trends Report Shows Surge in Cashless and Contactless Payments, and Micro Market Growth (Investing.com)



Survey of 600,000 credit card readers and 13,000 self-service terminals shows significant increase in cashless payment revenue, especially in micro markets

MALVERN, Pa.–(BUSINESS WIRE)–Cantaloupe Corporation (NASDAQ: CTLP)The leading provider of end-to-end technology solutions for self-service commerce, launches the highly anticipated Cantaloupe 2024 Micropayments Trends Report. The report analyzed payment transaction data from a sample of more than 600,000 cantaloupe card readers (1.2 million total) at food and beverage vending machines and entertainment/game machines, as well as more than 13,000 micromarket kiosks. The survey results show significant growth in cashless and contactless payments, as well as the growth of the convenience industry micro-market.

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Cantaloupe, Inc.'s 2024 Micropayments Trends Report tracks data from 600,000 card readers and shows significant growth in cashless and contactless payments. (Photo: Business Wire)

The research also shows that consumers are increasingly choosing convenience when purchasing food and beverages. Spending on vending machines continues to grow and will exceed $3 billion in 2023, a 23% increase from the previous year. The micromarket is a growing segment of the convenience industry, with sales exceeding $750 million. The report also highlights cash vs. non-cash payments trends and tracks micro market growth. In addition, the report also provides forecasts for the vending machine, entertainment, and micro market segments to 2024.

Report data highlights the ongoing trend among consumers towards cashless payment methods, such as swiping, inserting or tapping using a credit or debit card or mobile wallet. Cashless payments account for an average of 69% of food and beverage vending machine sales, with contactless payments (click to pay) accounting for 65% of cashless sales. These figures illustrate the ongoing shift towards more convenient, contactless payment methods. Notably, 96% of payments in the micromarket are cashless, with cashless payments accounting for an average of 63% of total sales in the entertainment and gaming sector.

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Ravi Venkatesan, CEO of Cantaloupe, Inc., expressed excitement about the report’s findings, saying: “The continued growth of cashless and contactless payments, especially during the post-COVID-19 recovery, shows that the self-service and convenience industries are booming. .

Additionally, while more consumers are paying with cash at arcade machines, those who use cashless payments spend “more than seven times more” in time and money than those who pay with cash, according to the report. and gaming consoles with an average cashless ticket amount of $6.13.

Cantaloupe’s 2024 Micropayments Trends Report analyzes payment data from micromarket kiosks for the first time. The report shows that the number of installed micromarket locations will grow by 36% in 2023. “Reflecting 18% growth over 2022” the previous year. One of the highlights of the Cantaloupe report is the confirmation that consumers also spend a staggering 37% more on micro markets compared to vending machines. The average ticket price at the market was $3.07, while the average ticket price at the vending machines was $2.01.

The goal of the Cantaloupe 2024 Micropayments Trends Report is to provide self-service operators with valuable insights to guide their business strategies and identify growth opportunities. The report highlights the expansion of the convenience industry through the emergence of micro-markets, allowing operators to diversify their businesses and increase revenue potential. In the entertainment industry, reports show that machines equipped with cashless card readers generate higher sales than machines without them. Across all segments analyzed, including food and beverage vending, micromarkets and entertainment, the data consistently highlights the importance of accepting cashless and contactless payments as a key driver of operator revenue.

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Venkatesan noted, “We are very excited about this report, which provides us with insights into consumer payment trends across the various industry sectors in which our clients operate.” The world is rapidly going cashless, and Cantaloupe is responding by offering products and services that align with consumer preferences. We have expanded our pure cashless offering to include Cooler Cafe and AI-powered Smart Cafe, successfully encouraging more operators and retailers to embrace the convenience of cashless and self-service experiences in a variety of environments.

To learn more about Cantaloupe's 2024 Micropayments Trends Report, visit cantaloupe.com. To learn more about Cantaloupe, Inc., please visit cantaloupe.com.

About Cantaloupe Company

Cantaloupe, Inc. is a global technology leader driving self-service commerce. With more than 1 million active locations and processing more than 1 billion transactions annually, Cantaloupe enables businesses of all sizes to provide consumers with a self-service experience. The company's vertically integrated solutions drive growth by delivering micropayment processing, enterprise cloud software, IoT technology, and 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 leveraging software to improve efficiency across operations, providing business owners with greater profitability. Cantaloupe's solutions are used in a variety of consumer services across the United States, Europe and Australia, including vending machines, micro markets and smart retail, electric vehicle charging stations, laundromats, metered parking terminals, amusement and entertainment venues, and IoT services wait. To learn more about Cantaloupe, Inc., visit cantaloupe.com or follow the company on LinkedIn, Twitter(X), Facebook (NASDAQ: )Instagram or YouTube.

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Jennifer Howard | 202-273-4246
jhoward@jhowardpr.com
media@cantaloupe.com

Source: Cantaloupe Company





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