Oct 22, 2017
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Money 20/20

Money 20/20: Reimagining Payments & Commerce in the Internet-of-Everything

Imagine you’re in an airport waiting to catch a flight and you realize you forgot to pack your toothbrush.  Before getting too aggravated, you remember passing a drugstore kiosk on your way through the terminal. You go back to that kiosk, select a toothbrush, scan the item, and then use your fingerprint to pay and authenticate the digital transaction. The entire experience takes just a minute. 

This scenario illustrates a transformative new business model that traditional brick-and-mortar retail companies are trying to unlock, but that self-service retail companies have already figured out: how to bring the right product to the consumer at the right time and with the right payments technology to capture the sale.

As the industry vanguard driving cashless adoption in self-serve and unattended retail for more than 15 years, USA Technologies have been at the helm of industry transformation, enabling our operators to evolve along with the needs of rising digital natives.  By networking assets in the field and developing the infrastructure for cashless payments, including mobile wallets, USA Technologies has made it possible for retailers to tap new revenue streams that engage the consumers in the moment, at the point of sale, through promotions and rewards, encouraging higher spend at each visit. These now-networked machines also become a treasure-trove for Big Data, giving retailers a virtual view into consumer spending patterns and product preferences.

Now, we are building upon next-generation loyalty and rewards programs to integrate gamification, artificial intelligence, predictive analytics, and more. Imagine a machine that already knows what you want, before you get there?

I’ve often called the unattended retail market the “gateway tap” for mobile payments adoption –  and it’s driving adoption of mobile payments everywhere. Consumers get comfortable attempting their first mobile payment in a stress-free, unattended environment and then proceed to continue using mobile payments in any retail setting. As a speaker on the Money 20/20 panel,                     “Everything Pay: Reimagining Payments & Commerce in the Internet-of-Everything,” on Tuesday 10/24 at 4:10pm, I will discuss the future of cashless commerce – whats driving it, and what opportunities its driving – and give a live demonstration of new technologies that foretell the future of unattended retail.

The panel will also discuss how cashless payments are tapping into the Internet of Things through machine-to-machine communication.  For example, how data gathered about a coffee kiosk running low on cups or a photo booth running low on paper can alert the warehouse and automatically ensure the machine is restocked during the next visit.  These capabilities are happening right now, and saving our operators and their clients valuable time, and contributing to increased margins.

I invite you to join us at Money 20/20 to learn more about how unattended retail is driving technology innovation, priming consumers for adoption and paving the way for the future of retail.  See you in Vegas!

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