This question or statement is far from the truth for India in the 21st century.
India is developing in terms of technology and advancement every single day.
Everyone wants to be using the latest gadgets and be on par with the times.
With recent developments in ‘different modes of payment’ and technology, the otherwise slow vending machine business which was up until now taking a backseat for most potential businesses is finally able to grab people’s attention and come into the limelight.
Some places where you can spot these infamous vending machines are:
- Metro Stations
- Co-working spaces
- Office spaces
- Hostels & PGs
- College Campuses
The reasons why it has finally been able to gain popularity in the recent future are:
1. VMs reduce job opportunities
The pretence that most vendors have that a vending machine not only steals their consumers from them but is also responsible for hampering their livelihood, has been proven wrong.
A vending machine provides a regular income and provides good business to the vendor of the vending machine.
He/She is able to provide more variety of items in much lesser space, saving his/her cost of rent while being up to date with the times and also earning more income by selling their screen space for advertisement.
2. The direct transfer of money from the machine to the Vendors Bank Account
With recent developments to support cashless and UPI transactions, once a customer makes the payment for a commodity.
Instead of the old system where a designated person was appointed to collect the notes from the machine at the end of every single day, compromising his and the cash in hand’s safety and security.
The money is now directly transferred to the vendor’s account without any middleman affecting the transaction.
3. Introduction of Cashless Transactions
The problem of handling money faced by the consumers, which referred to the difficulty in acceptance of notes and lack of change for big bills, has been solved with the introduction of cashless transactions involving agents like UPI, Paytm, PhonePe, etc., which supports this new development.
E-wallets also help make transactions faster and easier. The exact amounts can be directly transferred to the machines without facing any problems.
4. Better Technology to vend 5 items at one go
With improvements are constantly being made to make the vending machine experience better and easier.
Start-ups like have managed to develop a state-of-the-art motherboard that allows a customer to vend up to 5 items in under 30 seconds from a vending machine at a given period of time. This improves the customer’s experience and also helps improve sales.
5. Instant refund technology in case of a failed transaction
has developed a Vend-Sensor technology where the machine doesn’t vend the item a customer selects at a given time.
The machine automatically refunds the customer’s money back to his/her account.
This helps make the vending machine experience more reliable and simple for a consumer who would feel a sense of safety while using the machine in the future.