MasterCard demonstrated using a smart phone enabled with a contactless payment app to make a purchase from a Coca-Cola interactive vending machine during its MasterCard Media Day, according to w.wwpmnts.com, a payments technology news Website. For the full story, click here.
Editor’s Insight: Google posted a similar demonstration on YouTube when it formally announced the Google Wallet.
As more people become familiar with being able to use a smart phone to buy from a vending machine, more customers will begin asking for machines that permit it. The vending industry has a long road ahead of it in upgrading machines to accept mobile payments. The industry is at a standstill with regards to cashless acceptance right now due to the transaction fees required under the Durbin amendment. Hopefully, the banks and credit card associations will respond to the vending industry’s need for relief in this area. A lot is at stake. 10-26-11 By Elliot Maras
