PayRange Brings Mobile Wallet Technology to Outdated Vending Machines
A new product from PayRange can turn any old vending machine into a “smart” vending machine, so vendors don’t have to completely replace the old machines. Through a simple plug-and-play device, vending machine owners can create touchless payment systems for their machines that allow consumers to pay for their purchases through their smartphones.
The technology is fairly simple. A special device is installed on the vending machine that connects to a mobile app installed on smartphones. When a person with the app comes within range of the device, they get a notification that they are in the “PayRange.” Then, the consumer can make a selection for the vending machine and process their payments through their phones, with no cash needed for the vending machine. The device is not visible on the outside of the machine, so it does not require any additional interface that may be confusing to people.
As of last week, the company had raised $12 million to power its expansion. The PayRange device only costs $49, which is significantly cheaper than the thousands of dollars it would cost to buy a new “smart” vending machine.
The vending machine does not store any card information, so there are no security threats from credit card skimmers and other devices. PayRange communicates with smartphones through Bluetooth technology, and the app is free to download on Android and Apple phones.