Cantaloupe, Inc.’s 2024 Micropayment Trends Report Reveals Surge in Cashless and Touchless Payments, and Micro Market Growth

Cantaloupe, Inc. (Nasdaq: CTLP), a leading provider of end-to-end technology solutions for self-service commerce, has released its highly anticipated Cantaloupe 2024 Micropayment Trends Report. The report analyzes payment transaction data from a sample of more than 600,000 (out of 1.2 million) Cantaloupe card readers on food & beverage vending and amusement/gaming machines, as well as more than 13,000 micro market kiosks. The findings showcase a significant rise in cashless and touchless payments, along with the growth of micro markets in the convenience industry.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240424685298/en/

The Cantaloupe, Inc. 2024 Micropayment Trends Report tracked data from 600,000 card readers and showed a huge surge in cashless and touchless payments. (Photo: Business Wire)

The study also reveals that consumers are increasingly opting for convenience when it comes to their food and drink purchases. Spending at vending machines continues to grow with more than $3 billion spent in 2023, marking a 23% increase from the previous year. Micro markets, a growing segment in the convenience industry, generated more than $750 million in sales. The report also highlights trends in cash versus cashless payments and tracks the growth of micro markets. Additionally, the report provides predictions for the year 2024 in the vending, amusement and micro market sectors.

The report data emphasizes the ongoing consumer trend towards cashless payment methods such as swiping, inserting or tapping with a credit or debit card, or with a mobile wallet. Cashless payments account for an average of 69% of food and beverage vending machine sales, with contactless payments (tap to pay) representing 65% of those cashless sales. These figures demonstrate the continued shift towards more convenient and touchless payment options. Notably, 96% of payments at micro markets were cashless, while cashless payments constituted an average of 63% of total sales volume in the amusements and gaming segment.

Ravi Venkatesan, CEO of Cantaloupe, Inc., expressed excitement about the report's findings stating, "The continued growth in cashless and contactless payments, especially during the post-COVID recovery, indicates that the self-service and convenience industry is thriving. Cashless payments continue to dominate the self-service payment experience.”