iVendPay Developer Sergey Danilov Talks About Bring Cryptocurrency Vending Machines to Asia

Thanks to the partnership between iVendPay and GoByte, smart vending machines proficient of handling cryptocurrency payments will be installed across Malaysia and Israel by the end of this year.

Sergey Danilov, the developer of the iVendPay project explained:

“The partnership between iVendpay and GoByte is caused by the high demand for universal services allowing to pay for goods with cryptocurrency in everyday life. The choice in favor of GoByte was made due to the peculiarities of this cryptocurrency, designed for instant processing of micropayments with a small commission. Payment for purchases using GoByte in any vending machine equipped with iVendPay takes less than 3 seconds.”

Sergey additionally sent a YouTube video of the machine while in use.

GoByte is a fork from the Dash cryptocurrency targeted at processing merchant transactions. GoByte is said to be an improvement on the original Dash currency with a different payment infrastructure that permits lower or non-existent fees for processing payments.

The smart vending machines perform payments in less than 3 seconds with no charges. GoByte CEO Hisyam Nasir noted that the first version of GoByte Pay web platform has lately been launched for integrations with web hosting commerce modules and mobile apps, something that will allow phone-to-iVendPay machine transactions too so effectively.

This is not the first instance vending machines have been made to process cryptocurrency payments. Back in 2015, there were vending machines in Seattle that gave people access to buy marijuana using bitcoin. Earlier this year a startup known as Civic introduced a vending machine prototype intended to identify whether customers were over the age of 21 and purchase beer in exchange for bitcoin.

Though bitcoin is definitely had more popularity as opposed to other cryptocurrencies, it is not essentially the best cryptocurrency for microtransactions including vending machine purchases of coffee and snacks. High charges, long wait times and large energy consumption per transaction makes it a less preferable alternative.

Although the Lightning Network scaling solution might be effective for bitcoin adoption, projects such as GoByte specifically created to handle small transactions quickly with low fees have a strong use case also, supporters claim and it will be amazing to determine whether smart vending machines permitting for crypto-transactions will become more popular in other countries.

Letting people have easy access to spend their cryptocurrency on daily goods has for a while been one of the challenges to mainstream cryptocurrency usage. Even something as simple as allowing someone take out their phone and quickly buys a cup of coffee from a vending machine using their crypto holding makes a huge difference to how the value of cryptocurrency is viewed worldwide.