One of the most significant challenges we face as we move toward a cashless society is the issue of security. This is why EMV is such an important technological advance, as its encrypted transactions protect the customer's privacy and security.

Over the past several years, customers have been making more and more cashless transactions. The widespread adoption of cashless payment methods was only boosted by the outbreak of the COVID-19 pandemic. Contactless payments became more attractive due to health concerns, and unattended businesses such as vending machines also grew in popularity because they limited human interaction and stayed open 24/7. However, one of the most significant challenges we face as we move toward a cashless society, is the issue of security. This is why EMV is such an important technological advance, as its encrypted transactions protect the customer's privacy and security.

EMV stands for Europay, Mastercard and Visa — the three credit card companies that created this system. EMV cards are also called "chip" cards because there is a chip embedded in the card. Each EMV transaction receives a unique ID thanks to this chip, encrypting all of the data from end-to-end. This makes for a more secure transaction, protecting the customer's data and information.

EMV is being adopted not only because of its increased security, but because it is also an easy and seamless way to pay. You can simply tap your card or phone on the card reader or insert your card into the card reader. Almost all new credit cards being produced nowadays are EMV credit cards, but despite this, a lack of EMV-certified devices has been holding EMV back. Not all companies that produce card readers have been able to incorporate this technology, and many older devices are still in use by vending machine operators in the U.S.

Nayax, however, is a leader in the EMV space and has been EMV-compliant since 2015. Devices such as Nayax's EMV-certified VPOS Touch card reader enable seamless, multi-vend transactions with incremental authorization. VPOS Touch not only accepts the most advanced forms of cashless payments, but also allows customers to buy more than one product at a time, for a higher total price, with no overdrafts. This makes every transaction more frictionless and eliminates any confusion for the consumer. These solutions can help you increase revenue and boost customer satisfaction.

Cashless payments have grown substantially over the past few years due to both advancements in technology and consumer demand. The ease and convenience of payment with a credit or debit card or a mobile phone coupled with its increased security has almost rendered cash obsolete. As we move toward a cashless society, unattended business owners need to make sure that they stay ahead of the curve and accept EMV-certified payment methods.

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