Bitcoin Forum

https://i.imgur.com/tseJPeA.png

The company iVendPay (https://ivendpay.com) has 2 products: a payment module for vending machines and a point-of-sale module (currently under development). There are over 18,000,000 vending machines worldwide. IvendPay allows each of those vending machines to start accepting cryptocurrency payments, simply by installing their plug-and-play module, which could hugely support mainstream adoption of cryptocurrencies. The payment module currently accepts the following cryptocurrencies:

• Bitcoin
• Ethereum
• Viacoin
• Litecoin
• Bitcoin Cash
• Ethereum Classic
• Dash
• Groestlcoin
• GoByte
• Zcash

Wondering on how much each produce would cost?If this would be plug-and-play thing then it would really be good for those people who do have vending machines businesses.(Currently owning 2 of them)
but i dont know if it can integrate with this product - hopefully.

Wow, really good news, haven't heared about them. Seems currently their website doesn't work so OP do you know what's the cost of that module? Is it easy to install on any modern machine? Sounds good deal because all you need is just to install it and this way you'll attract crypto enthusiasts, you lose nothing but some bucks in the begining while making purchasing process more interesting for tourists and for those who loves to use crypto.

Based on the video, it's pretty much of an exclusive integrated payment processor which you can only use to vending machine(s) with that module.
Vending machine owners might be charmed by the idea (if the module is cheap), but most users will be hesitant to install an app and load some coins just to pay for a cup of coffee.

I'm skeptical about the implications of this to help crypto into mainstream unless they have a plan to accept other crypto payment processors as payment or a plan to add more varieties of services. Must be in their roadmap, no?
Otherwise, it is just a gimmick.

What do you mean by "exclusive integrated payment processor"? A vendor installs the module and they will be able to accept multiple cryptocurrencies (see the list in my main post). You don't need to use a specific app to buy the drinks, all it needs is QR support (which any mobile wallet app has).

In the video they are using Viacoin to buy a drink but that was just an example.

I recently spoke to one of their employees. He told me they are currently speaking to several manufacturers because they want to keep the costs as low as possible.

Installing a module is simply connecting 1 cable:

https://i.imgur.com/ouzRvx0l.jpg

I don't think there is any special app one needs to install. This man in the video clearly says "open your wallet" and then he performs standard QR scan. Nothing suggest that dedicated application is necessary. I would say that there is quite nice selection of coins, so to me it already looks usable and frankly awesome. If I was to have a vending machine, this box would be on my strongly consider list.

Question is, does an interference with machines hardware voids the warranty? Probably so:
a) one have to truly own it b) retrofit for rather old vending machines c) service needs the know how
 
  

How will they protect themselves from people doing a double spend to get free drinks/snacks?
I assume they're not going to let you wait until you get 1 confirmation, right?

This is not working with LN, in the case of Bitcoin, or is it?

Check the banner, it looks like the "integrated app" in the banner suggests that transactions are instant because it was built "in an integrated exchange" (as the slogan said) suggesting that there's an app to accomplish this.
Also, the phone app's UI in the video strongly resembles the theme.

There's no problem here if it was an exchange/payment processor aside from what I have mentioned.
Not to mention, there are tons of problem accepting P2P payments using Bitcoin without the aid of a payment processor or an easy-access LN.
We will never know unless we get a reply from their representative.

The app that they are using is Viacoin Copay, a mobile Viacoin wallet. I've seen other videos of them using Coinomi as well. You do not need a specific app to make a purchase, all you need is a wallet that scans QR codes.

Damn this is really some innovate shut right here! Like you’re telling me I can just plug this shit into my Coca Cola vending machine nearby the train station and pay by crypto’s? Wow dude just wow! Take all my satoshis.

Nowadays, technology comes in handy. One tap and your good to go. So this is not surprising to us anymore. I like this vending machine. Hope it will reach my country soon.

You need to plug it into the internals of the machine so you'll need a key to open it.

Yes, the Vending machine technician will have to install the module for the machine to accept your Crypto currency payments. It will not take a lot of time for hackers and/or thieves to catch onto this to hack these devices or to develop their own version that accepts coins and sends it to their Bitcoin address.  ::)

The Plug n Play option is very nice, because most of these vending machine operators have no clue what Crypto currencies are and they could care less, because they just want the fiat in their bank accounts.  ::)

They would need to force the machine open. Technically they could do the same with NFC payments or any card payments. I've never heard about hackers going through that much trouble for a small amount of money. I read somewhere that the overall average income per machine is ~$80 per week. On a crowded location that would be a few hundred dollars per week. A machine breach would be detected a lot sooner.

Nice project, in the future will you add more coins?

Distribution and adoption will be the key to success  ;)

I guess this comes with that screen included, because normally the vending machine have just that LCD screen by default, at least most of them. So how firmly can that be secured to avoid being stolen or damaged?

What if somebody is putting on the screen a sticker with his qr code where the machine qr code is suppose to appear?  ;D Maybe NFC would have been a bit better?

As I said in the OP, I am not involved with iVendPay. I am just helping them to spread some awareness ;D.

But yes, they are planning on adding more cryptocurrencies.


I contacted 1 of their employees to answer this. The screen has protective glass (similar to ATMs). The screen can be mounted 2 ways:

• Mount it by replacing the bill acceptor.
• Use an universal mount to place it where you like (you'll need to drill 1 hole for that).

Either way the screen will be firmly mounted on the vending machine.

Surely this is just a vending machine made for Viacoin users as the payment is instant and based on the demo video he received his coffee instantly. But I am not sure if other cryptocurrencies in the payment option would receive the exact speed of process Viacoin would take. In terms of pricing I think that it is reasonable as as 1.56 VIA is only around .60 USD which is cheaper compared to what we are buying in Starbucks or other coffee brands. Nice project but like what others have said I also wished that they have created the machine to accept direct payments without installing any apps.

https://twitter.com/groestlcointeam/status/1079174718434041856
Based on the demo video he received his coffee faster with GRS. Surely this vending machine is made for Groestlcoin users?

How do you plan on sending cryptocurrencies without using an app?

Here's what I think.

The mainstream public interest is directed towards Bitcoin and not any altcoins. Bitcoin has gained worldwide notoriety and acceptance, even Ether hasn't got that yet.
When most businesses make a decision on whether to accept crypto - they gravitate towards Bitcoin because of the potential impending bull runs. Which isn't the case for other smaller yet unknown alts.
But the problem is, as we all know Bitcoin in its current form is not suitable for scaling. Bitcoin Lightning IS.

So why not build this on the lightning network? A proof of concept has already been made : https://twitter.com/ricardoreis007/status/1046482231043215366?lang=en

Just improve on that model. Maybe implement atomic swap for other alts. Maybe have an autoswap offchain implementation that instantly converts ANY alts into Lightning Satoshis..

There's absolutely no need to include alts like gobyte / Viacoin / groestlcoin etc - that's just my opinion.

I don't quite agree. I have really high hopes for LN but some altcoins are much more suitable for microtransactions as they are. LN is also still in beta so I can imagine that iVendPay wants to supply vending machine owners (and their customers) with a more stable option for now. I'll ask them if they plan on adding LN support in the future. I totally agree that they should at some point! Also, I don't see how it hurts to offer customers with more payment options instead of limiting them to 1 or 2 options.

iVendPay posted this on Twitter earlier:

"We know you can't wait for it! See you on #hkblockchainweek"

https://i.imgur.com/gtentpN.jpg

https://i.imgur.com/2unsdHA.jpg

Looks like they will be showcasing their new Point of Sale module on the HK Blockchainweek soon!

Looks like a modified Android phone with pre-installed app and it looks cheap too.... in a good way (it needs to be as cheap as possible).

I wonder what is the function of that "top-screen".
In the video, it has only one screen on the front; if it was the same unit, the other screen would be inserted inside of the vending machine.
What is it, a Card Scanner or something?

The vending machine module is different from the Point of Sale. The top screen is meant to display the QR code for making payments. Their design is much more convenient because you don't have to pickup/rotate the device every time you make a sale. You just place it on the counter, enter the payment information and let the customer pay without picking it up. I asked one of their developer for a better picture:

https://i.imgur.com/Qj8KqCq.jpg

They have updated their website: https://ivendpay.com

They also sent me some photos they made at the Hongkong Blockchainweek. I'll upload them when I'm near my pc.

Binance's CEO CZ tested the machine at a Binance event: https://www.instagram.com/p/BvwlewZg9n1/?utm_source=ig_share_sheet&igshid=zuc18oy4guld

Damn, these guys are taking the bull by the horns with this project. It all started with a Bitcoin add-on module for existing vending machines and now the creativity has been pushed to new Bitcoin Point of Sale handheld devices. These guys will be doing so much more for Bitcoin merchant adoption than what most Bitcoin ATM's have been doing for years.

The Bitcoin ATM's are too expensive and most merchants will rather opt for a inexpensive hand-held device to accept bitcoins in their stores.  ;)

Yeah I agree. They're attending as many events as they can and they have been hearing nothing but great feedback. Their Point of Sale devices will also have Visa/Mastercard support so it's much more attractive for merchants to buy one.

i think its an interesting idea if you can make it work with blockchain.info wallets

I'm a little bit confused about the release dates of these modules.
On their roadmap, they mention that their vending machine modules and POS systems should already be available (released), but I don't see where to purchase them.

Or do you just have to send them an order via their contact form?

You can send payments from any wallet that supports QR codes.


I think the date on their roadmap is a mistake. They told me they are aiming for release next month.

Wow, that's awesome! I'd love to pay with crypto when getting a can of Coke or a snack. Hopefully ivendPay will contact large manufacturers.

That seems interesting and sincerely I would love to use them in my city ahha I'm so bored to use cash, with crypto it would be so easy to pay.
If I understood well it's a gateway/crypto pos that can be installed into an average vending machine (so owners don't need to buy a new one), am I correct?

This actually amazed me. This is the first time I saw a vending machine that accepts bitcoin as a payment and it uses a third party program to process payment. I hope that iVendPay could be implemented on every part of the world. This is the future of vending machine.

Here is a video of the ivendPay Point of Sale in action: https://www.youtube.com/watch?v=jLkR_OMnoaM

It's in Russian but you'll get the idea  ;D.

The vending business is huge especially in many developed countries and it is catching up in several third-world countries as well. Vending provides convenience to the customers or consumers and a great business opportunity with less overhead expenses to the vending machine owners. I am sure that this is one industry that can easily adopt with cryptocurrency and can help push for more mainstream adoption. iVendPay can lead the way for this industry integrating cryptocurrency into the picture. I am thinking: Is it possible that instead of offering products the vending machine can also offer cryptocurrencies for sale?

You can already buy crypto vouchers in stores and there are already loads of crypto ATMs available.

I have emailed them and asked for an update. Will post here when I hear back from them.

3 years later ...

Can anyone here say something about the current status of ivendPay ?

I think that not much has happened in the meantime ? Every few months a new shitcoin is listed, that seems to be all.
Beyond that you can find almost nothing on the internet, they still talk about pilot projects in 2022.

I have big doubts that there is some substance behind this. And your opinion or assessment ?