Cantaloupe Notes Rapid Growth of EMV-Enabled Vending Credit/Debit Card Payments

Cantaloupe, Inc. (NASDAQ: CTLP), a digital payments and software services company that provides end-to-end technology solutions to power self-service commerce, reports a significant increase in the amount of EMV transactions at food and beverage vending machines in 2022. This growth, as reported in Cantaloupe’s recently released 2023 Micropayment Trends Report, is partly due to the fact that consumers increasingly prefer making tap payments - and EMV-enabled credit cards allow for a faster and easier tap-to-pay experience.

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Cantaloupe reported a significant increase in the amount of EMV transactions at food and beverage vending machines. This growth, as reported in Cantaloupe’s recently released 2023 Micropayment Trends Report, is partly due to the fact that consumers increasingly prefer making tap payments - and EMV-enabled credit cards allow for a faster and easier tap-to-pay experience. ((Photo: Business Wire)

“We saw huge growth in contactless payments at vending machines in 2022, especially as operators upgraded to EMV contactless-enabled card readers over the course of the year,” noted Elyssa Steiner, CMO of Cantaloupe, Inc. “With EMV’s ability to help reduce the chance of in-person credit/debit card fraud and increase the security of consumer financial data, Cantaloupe has been at the forefront of pushing for EMV adoption. The transition to EMV-enabled contactless card readers represents a huge benefit for the operator, the consumer and for us as a payment processor.”

EMVCo creates and manages EMV specifications and programs that enable seamless and secure card-based payments for businesses and consumers worldwide. As a global technical body, EMVCo is collectively owned by American Express, Discover, JCB, Mastercard, UnionPay and Visa. A consumer with an EMV-enabled credit or debit card can pay by either inserting the card into a payment terminal or going contactless by tapping to pay. While EMV chip cards have been available for a few years, their use has steadily increased in the U.S. particularly at self-service retail applications like vending machines, self-service kiosks and micro markets.