Mobile Pay Comes to Vending with Byndl
One of the most convenient aspects of the progression of technology through the Internet is online banking on smartphones and tablets, which continues advancing to include a broader range of functions. Byndl is a service that allows companies to help users take further advantage of the possibility of making purchases through their mobile tech devices. The reason it is unique among mobile apps is that it applies to a market that few others have yet explored in this way: vending machine services.
Vending machines are part of the so-called “unattended” retail market, and experts predict that it will soon be worth $1 trillion overall. Byndl works by integrating with the device or service of its technology partners to enable mobile transacting on almost any vending machine. Aside from providing the cashless alternative many people apply to other transactions to a large market that is currently still wide open, Byndl helps the companies that operate the machines and their customers a huge variety of benefits.
One of the most important assets in retail is a company’s ability to generate and study data regarding consumer spending habits. One feature that Byndl performs is the online storage of information regarding each customer’s spending habits. Every customer’s mobile transaction generates a new piece of consumer behavior data. This way, vendors can better know and prepare for demand more quickly. Until mobile transaction became possible, it was nearly impossible to keep constant record of customer buying behavior. With Byndl, this information is given and built upon with every individual transaction.
The process is also remarkably simple for the customer, who needs only to download the BYNDL app from Google Play or Apple App Store. A customer funds his or her Byndl account by a debit or credit card, or through a PayPal account. They simply scan a machine’s QR code and select the item or items for purchase. Payment is automatic, and each purchase results in the issue of a receipt. For added convenience and peace of mind, a consumer’s payment history is stored in the app.
Byndl’s developers promise that the entire process for the consumer is convenient, and the app delivers by enabling payment even without a debit or credit card because the preferred payment method is stored on the app itself. It is also incredibly easy and fast to use, with a purchase made from a quick scan of the QR code sign. Finally, since Internet security is a key issue these days, Byndl keeps payment information safely encrypted and never sent to the vending machine.
While we have had access to online and mobile payment methods for some time now, there have been few solutions to the problem of being unable to access vending machines without payment until now. It is easy to see how Byndl can help many people from visitors in hospital lobbies to college students for late night or emergency situations so that they are never without options.
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Filed under: startups