Coca-Cola is one of Google’s premier partners for the launch of Google Wallet, which allows consumers to put credit card information into smartphones and transmit this information via a ‘tap’ at contactless point-of-sale.
The event and the Google partnership highlight Coca-Cola’s vision for payment flexibility at vending machines, the company said. Coca-Cola has invested significantly in technology and forged major partnerships, including the one with Google, to increase its cashless footprint.
Dan Avenick, director of vending strategy, CCR, said: “Cashless vending allows more flexibility in pricing and typically leads to a significant volume lift, as well as increased consumer satisfaction.”
Currently, only a small percentage of Coca-Cola’s machines are cashless. However, that number is projected to increase significantly over the next few years.
Part of the reason for the planned growth is Swipe, an internal cashless vending solution Coca-Cola has developed that is more cost-effective than working with a third party for payment processing, the company said.
Swipe uses vending machine payment acceptance hardware and partnerships with banks and major credit card companies for transaction settlement. Because of Swipe robust technology, Coca-Cola can tie cashless vending to loyalty programmes, including My Coke Rewards.
While consumers can go cashless with credit cards, they can also go cashless with mobile wallets enabled by their smartphones, which experts predict will take off in the next few years.
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Source: The Coca-Cola Company
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