Micropayment trends in self-service retail 2024
Micropayments, transactions under $10, are at the heart of self-service retail. This year’s Micropayment Trends Report showcases consumer spending trends in the vending, amusement and gaming, and micro market segments. Keep reading for highlights from the 2024 report.
Food and beverage vending
Consumers spent over $3 billion at food and beverage vending machines in 2023, a 21% increase from the previous year – indicating a thriving industry.
Cashless payments accounted for 69% of all sales at vending machines in 2023, with contactless payments making up 65% of those cashless transactions.
Consumers who went cashless at vending machines spent 55% more than those who paid with cash, highlighting the willingness to spend more with cashless options.
Micro markets
Micro markets experienced a 36% increase in installed locations in 2023, generating over $756 million in sales. These self-service retail spaces are a fast-growing segment of the industry and offer unrivaled convenience in closed-loop environments.
Cashless payments made up 96% of all transactions at micro markets, with credit/debit cards being the most popular payment method.
Amusement and gaming
Consumers spent over $100 million on gaming and amusement machines in 2023, a 17% increase from the previous year – showcasing the continued popularity of these entertainment options.
Cashless transactions accounted for 63% of total sales volume at amusement machines, driving significant revenue for operators. Adding a card reader to gaming and amusement machines has proven to make a huge difference in revenue.
The Micropayment Trends Report 2024 sheds light on the growing prevalence of cashless payments in self-service retail. Consumers are increasingly embracing cashless transactions, resulting in higher spending. Vending machines, micro markets and amusement and gaming machines are all experiencing growth in cashless payments, indicating a shift toward convenience and ease of use.
By adopting cashless card readers, operators can maximize profits and meet the evolving needs of their customers in the self-service retail industry. Read the full report for more in-depth analysis and Cantaloupe’s predictions for 2024.
