Italy is introducing ‘cashless payment’ for those small, but important everyday transactions – such as buying a good cup of coffee! – and as for vending, we’re ready to go…
Yes, you heard right: now you can even use your card for a transaction of less than 1 euro. A coffee at your local cafè or a newspaper at your local newsagent’s? Now you can use your debit/credit card, thanks to a new law in Italy that paves the way for cashless payments for transactions of less than 30 euros.
The aim is to encourage people to change the habits of a lifetime and go ‘cashless’. Italy is playing catch-up up with the rest of Europe when it comes to ‘the cashless society’. Currently, 87% of all transactions in Italy are settled in cash, (compared to just 60% in other countries), which means higher costs, particularly for banks and companies that deal with the management of hard cash…
The reduction of transaction costs will make vending machines that can take card payments even more attractive to consumers; not least because they are guaranteed payment traceability and a transparent audit trail.
Vending and cashless payments
The vending market has been promoting cashless payment solutions since years, therefore we are interested in the possibile change of habits that this new law will bring.
N&W will soon be offering new cashless systems, “Hi” and Hi! CONNECT, two new readers that use contactless Mifare technology, which is both reliable and secure.