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Author Topic: iVendPay - a vending machine payment module  (Read 323 times)
TheNewAnon135246
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February 21, 2019, 02:22:56 PM
Merited by romanornr (50), LoyceV (1)
 #1

iVendPay - Accept cryptocurrency payments on any vending machine!



The company iVendPay 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




disclaimer: I am not involved with iVendPay, I simply heard about their company recently so I decided to generate some attention for them.

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February 21, 2019, 10:04:41 PM
 #2

The company iVendPay 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

disclaimer: I am not involved with iVendPay, I simply heard about their company recently so I decided to generate some attention for them.
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.


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February 21, 2019, 10:49:07 PM
 #3

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.

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February 22, 2019, 04:09:52 AM
 #4

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.

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February 22, 2019, 08:04:47 AM
Last edit: February 22, 2019, 08:19:24 AM by TheNewAnon135246
 #5

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.

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February 22, 2019, 08:12:58 AM
 #6

The company iVendPay 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

disclaimer: I am not involved with iVendPay, I simply heard about their company recently so I decided to generate some attention for them.
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.

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:


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February 22, 2019, 08:47:03 AM
Last edit: February 22, 2019, 09:10:35 AM by poptok1
 #7

but most users will be hesitant to install an app and load some coins just to pay for a cup of coffee.
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
 
  

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February 22, 2019, 10:45:10 AM
 #8

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?


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February 22, 2019, 11:46:23 AM
Last edit: February 23, 2019, 04:17:31 AM by nc50lc
 #9

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.
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.

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February 22, 2019, 09:09:08 PM
 #10

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.
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 not much a 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.


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February 22, 2019, 11:29:37 PM
 #11

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.


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February 22, 2019, 11:32:35 PM
 #12

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.
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 not much a 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.



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.

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February 24, 2019, 07:40:56 AM
 #13

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.

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

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February 24, 2019, 09:07:46 AM
 #14

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.

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.  Roll Eyes

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.  Roll Eyes

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February 24, 2019, 10:03:18 AM
 #15

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.

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.  Roll Eyes

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.  Roll Eyes

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.

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February 27, 2019, 11:20:01 AM
 #16


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

Distribution and adoption will be the key to success  Wink

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February 27, 2019, 12:12:34 PM
 #17

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?  Grin Maybe NFC would have been a bit better?

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February 27, 2019, 02:25:53 PM
 #18


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

Distribution and adoption will be the key to success  Wink

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

But yes, they are planning on adding more cryptocurrencies.

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?  Grin Maybe NFC would have been a bit better?

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.

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February 27, 2019, 05:09:30 PM
 #19

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.

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February 27, 2019, 05:19:43 PM
 #20

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.

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?
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