Prism Holdings has joined forces with Nestl'e South Africa - Food Services Division to remove cash in vending machines operated in corporate offices, factories and campuses.
Nestl'e has adopted the Prism Vending Interface Device (VID) for incorporation into its vending machines, enabling the machines to accept secure chip card payment instead of coins.
According to Geordie Blane, Account Manager - Retail/Oil and Petroleum, at secure e-payments company Prism, cashless corporate environments are set to become the norm in SA, with employees carrying an all-in-one smart card as opposed to a wallet full of cash and cards.
"By equipping vending machines with a Prism VID, the costs and risks associated with cash, including cash transportation, handling, theft and fraud are eliminated. In addition, the VID can control, track and analyse the transactions and cards, enabling the vending machine to be better managed," Blane explains.
Nestl'e`s VID-equipped vending machines can also be integrated with Prism`s closed payment system, Prism Altos. This creates an end-to-end solution that enables users to carry one card which incorporates an electronic purse and can be linked to other applications within the office environment such as access control and payroll.
Presently, the system is based on a limited cash component - a central point of deposit where physical cash is converted into virtual cash. The system has the potential in the short- to medium-term to expand this central point of deposit. With the involvement of financial institutions and Web-based access options, the card holders and system owners would be empowered to perform these transactions at numerous deposit points, including their own homes or offices. The increase in convenience for the cardholders and benefits for the system owners would be significant.
"Our relationship with Nestl'e has been driven by the need to eliminate cash from the workplace. The electronic purse on the Prism Altos card can either be loaded by the individual employee at a self-service SmartKiosk TX terminal, or by the company. And because the solution is scaleable it can be designed in a way that suits the specific needs of different organisations," Blane adds.
For example, an allocation for a certain number of `free` beverages, which the employee is entitled to take from the vending machine, may be loaded onto each employee`s smart card. This amount can be varied depending on the organisation`s specific requirements - by department, division or employee.
If employees want additional beverages, they can `top up` their smart card at a kiosk that accepts cash.
Alternatively, the electronic purse system can be integrated with the company`s payroll package, enabling employers to load a certain allocation of funds onto an employee`s smart card as part of their monthly salary. It would also be possible for employees to `top up` their cards directly from their wages.
According to Max Hurwitz, Business Development Manager at Nestl'e, the cashless payment environment is not being confined to the corporate world alone. Many other `closed` communities including schools, universities, airports, exhibition and conference centres, as well as shopping centres are opting for `cashless vending`.
"Northcliff High in Johannesburg is the first school in SA to adopt the e-purse system as part of the well-known MySchool loyalty programme established by VMP. A Nestl'e vending machine equipped with a Prism VID has been installed and is proving tremendously successful.
"Controlling cash within schools and in their tuckshops is an enormous problem. The cashless alternative is an ideal, cost-effective solution," Hurwitz concludes.
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