Vending machines that advertise Apple Pay can provide a big boost in revenues, according to a new study.
During its six-month long study, USA Technologies Inc discovered that vending machine customers are 135% more likely to pull out their iPhones to pay if digital advertising for the payment method is presented at the point of sale.
“Based on our study, we believe that when businesses and operators present consumers with the option to pay for items with Apple Pay, the number of mobile payments made and the amount spent, increases,” said Maeve McKenna Duska, VP of marketing at USA Technologies.
Apple Pay = more revenue
The study shows that when customers are asked to pay with their phones, they’re also more likely to make a purchase they might not have made otherwise.
Apple Pay launched in 2014 as a feature on the iPhone 6 and iPhone 6 Plus. The technology aims to replace wallets with digital cards on the iPhone that can be used wirelessly. Now that the technology is maturing, USA Technology, found more people are ready to use it, they just need some education on how.
Here are all the benefits vendors can get by advertising Apple Pay:
- 36.5% increase in overall sales
- 44.6% increase in total transactions
- 6% increase in total contactless average ticket; 18% at week 20*
- 55.5% increase in revenue through contactless purchases, including Apple Pay; 121% at week 20*
135.2% increase in overall mobile payment usage