In November 2005, the first RFID wristband for cashless POS payment was introduced by the Precision Dynamics Corp. at the International Association of Amusement Parks & Attractions Trade Show. The system consists of three component parts: kiosk, wristbands and readers.
An important feature of contactless media is that the payment media never leaves the consumer's hand.
Proximity payment technology systems enable increased speed and convenience for the vending customer. This technology can help innovative vending operators gain a competitive advantage in the marketplace, thereby contributing to earning new accounts while retaining existing accounts.
About the Author
Michael Kasavana, Ph.D., is the NAMA endowed professor in hospitality management at Michigan State University. He has been researching vending technology for several years.