Each year, in the United States alone, more than 306 billion dollars of cash transactions are made with bills and coins. The cost in time and manpower to sort, count, store and transport bills and coins is immense. Concerns about loss, theft and security are serious and costly to solve. The first recorded vending that we are aware of took place in 215BC, when Egyptians deposited coins to purchase holy water at their local temple. In the last twenty years the vending market has undergone tremendous growth.
Consumers can now purchase almost anything from a vending machine - and they do.
Japanese consumers buy everything from food to clothing to photography supplies from vending machines - Japan averages one vending machine for every 26 people. The unattended point of sale vending market is a natural for e-cash it enables vendors to react to market conditions with easily varied prices it discourages theft and vandalism because there are fewer coins in a machine it responds to consumers' demands for fast, efficient and convenient shopping. Industry experts predict an explosion of interest in electronic cash purchasing in the next two years, and QI Technologies holds the key to making e-cash work in vending applications. They offer consumers a faster, easier and safer means of making purchases. Rather than carrying around bills and coins, customers carry a cash card.