Nayax (Tel Aviv, Israel) and Telit (Rome, Italy) have announced a deal to expand their cashless payment services into hundreds of vending machines operated by Scandinavia’s Selecta Nordic (Stockholm, Sweden).
The company operates vending machines in Sweden, Norway, Denmark and Finland and has already installed the Nayaxvend-Telit product in about 200 vending machines throughout Scandinavia.
It says additional machines are slated to be equipped in the coming months.
“Using the cashless solution helps us increase revenues and decrease operational costs,” said Catherine Sahlgren, the managing director of Selecta Nordic, in a statement. “The cashless payment system eliminates sales barriers, such as the lack of coins and change, and provides us with better control of the vending machines.”
Nayax and Telit say the product is compatible with all forms of credit, debit, prepaid and postpaid cards and can be used in contact, swipe and contactless transactions. It also provides a wide array of alerts and notifications that can be sent by SMS or email.
“The installation of Nayaxvend with Telit’s modules in Selecta Nordic’s vending machines is another example of how M2M communications can help people make better use of machines in public places, while also bringing business benefits to equipment operators,” said Dominikus Hierl, chief marketing officer at Telit.
Nayax claims that its products are now being used in thousands of vending machines across Europe, the US and Africa.
According to the company, the US vending machines market comprises 5 million machines, with annual sales totaling $22 billion, while there are 4 million machines in Europe generating annual sales of $10 billion.