Enabling vending machine owners to increase revenue and reduce costs
Everything Everywhere, a UK communications company, and Nokia Siemens Network are set to partner with the intention of enabling vending machine owners to increase revenue and reduce costs (view press release). They aim to achieve this through remote stock monitoring, increased interaction and multiple payment methods. The smart vending machines will be piloted during the summer, with commercial roll out expected later this year. The solution was this week awarded Cloud-Based Vending Innovation award at the Global Telecoms Business Innovation Awards.
Vending machines will be linked to Nokia Siemens Networks’ VendMe application and installed with Everything Everywhere SIM cards, connecting them to the UK’s largest 3G network and France Telecom and Deutsche Telekom’s international footprint. This connectivity will allow vendors to monitor stock levels remotely and plan replenishing of machines without visiting sites. Vendors will be able to target potential customers through sending targeted messages and interacting with customers through social networks. Customers will not need cash to make a purchase. They can use Field Communications (NFC) technology, through Orange Quick Tap from Everything Everywhere, NFC-enabled cards or make contactless payments through Reverse SMS and Chip & Pin.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
