New beacon from Netclearance ends the need for cash payments in vending machines

Netclearance, a smart beacon technology provider, has announced the launch of its latest beacon: the mBeaconVend.

Its mobile-agnostic beacon technology allows vending machines to accept payments direct from a smart phone mobile wallet, ending the requirement for loose change as we move into a cashless society.

In the UK alone there are more than 462,000 vending machines, vending 6 billion items per year, with a market turnover of approximately £1.65bn per annum. But, three out of every four vending machine transactions are still cash based. With 79% of all transactions in UK shops now being cashless, the vending machine industry is lagging behind retailers in embracing modern payment methods in the era of mobile payments.

“The vending machine industry has been slow to capitalise on the growing cashless economy in the UK, with the vast majority of machines still relying on cash-only transactions. Mobile payments are both attractive and safe for consumers and have the power to revolutionise the purchasing experience, making payments more convenient and quick,” said Jonathan Duffy, EMEA executive director at Netclearance.

The mBeaconVend is based on Netclearance’s intuitive, easy to use mobile payment solution mBeaconPay. Using a customised mobile app, customers can simply wave their mobile device over the smart beacon to be shown the purchase amount, before confirming the payment on-screen. In seconds a purchase is made without having to rummage around for the right coins in your pocket or having to carry a payment card.

Jonathan Duffy, EMEA executive director at Netclearance
Jonathan Duffy, EMEA executive director at Netclearance

The smart beacon also supports a range of mobile phone platforms regardless of make, model or operating system.

Keeping vending machines relevant and profitable is a major challenge faced by providers, with the cost of replacing and overhauling machines often deterring companies from upgrading. But the mBeaconVend is cost effective as it integrates with existing vending machine multi-drop bus (MDB) technology, making it relatively easy to swap out the existing coin box on machines with the smart beacon.

The mBeaconVend is compatible with popular beacon profiles such as iBeacon or Eddystone and this opens up a wide range of mobile app interactions and avenues for proximity advertising.

Jonathan Duffy concluded: “The need to carry loose change in your pocket to use a vending machine will soon be consigned to history. With ever-increasing numbers paying by card it is natural that traditionally cash-only devices such as vending machines will follow the payments revolution that is happening in retail, and become cashless.”

The device joins Netclearance’s leading portfolio of IoT gateways, including the five-sensor mBeaconSense, the mBeaconCard smart badge and the mBeaconPay, which is paving the way for mobile payments in Scandinavia. All Netclearance solutions utilise low-power wireless technology and feature open server APIs, mobile SDKs, and advanced analytics capabilities.

Comment on this article below or via Twitter: @IoTNow_ OR @jcIoTnow

FEATURED IoT STORIES

9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

Which IoT Platform 2021? IoT Now Enterprise Buyers’ Guide

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, iot home automation is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more
RECENT ARTICLES

Transsion and HERE partner to enhance location accuracy experience for smartphone users

Posted on: January 25, 2022

HERE Technologies, the location data and technology platform, announced that Transsion, the provider of smart devices and mobile services in global emerging markets, has selected HERE Network Positioning to improve its location accuracy capabilities in emerging markets such as Kenya, Nigeria, Ghana, Bangladesh, India, Pakistan, Indonesia and Thailand.

Read more

Francisco Partners to acquire IBM’s healthcare data and analytics assets

Posted on: January 25, 2022

Armonk, NY and San Francisco, CA, USA. 21 January 2022 – IBM and Francisco Partners, a global investment firm that specialises in partnering with technology businesses, announced that the companies have signed a definitive agreement under which Francisco Partners will acquire healthcare data and analytics assets from IBM that are currently part of the Watson

Read more