‘World first’ cryptocurrency payments system for vending machines launched

On Track Innovations takes a chance with innovative new system for “high-speed, low-fee” micropayments.

Near Field Communication and cashless payments company On Track Innovations (OTI) yesterday launched its first automated cryptocurrency payment solution – in fact, the company is saying it believes it to be the first in the world that’s designed for such machines, and the micropayment market. Designed to be integrated into other technology, the company released a short video demonstrating the system at work within a vending machine. Here it is…

OTI says the system allows the use of standard mobile crypto wallets, with what it describe as “high-speed, low-fee transactions”, with all currency exchange issues automatically handled. Little detail beyond that was forthcoming, though it seems all the user would need to do is scan a QR code displayed on a machine with the system installed, and step through a simple payment process.

The transaction showed in the demonstration video uses Bitcoin Cash (BCH). The system will also support payments in Bitcoin (BTC) and Ripple (XRP) at launch, however.

In the company’s press release, Schlomi Cohen, OTI’s CEO, said that it was “a company that is large enough to service some of the world’s largest companies, yet nimble and flexible enough to rapidly adopt new technologies, such as cryptocurrencies.”

While he sees initial adoption of the system to be limited, the company decided to invest resources into “developing a solution to address this market,” as it believes establishing itself in the cryptocurrency market “will add great value for our shareholders, and contribute to OTI’s growth over the long-term.”

You can read the release in full here.