Introducing A Simple Way To Pay Machines With PayRange.
A turnkey mobile payment system known as PayRange was officially announced during the PYMNTS Innovation Project 2014, which was held at the Harvard University in Cambridge, MA. The system for PayRange will include Bluckey hardware, a mobile application and services, and has been created bot the worlds most simplest paying solution for machines.
CEO and Founcer of PayRange Paresh Patel, introduced the payment system for the first time to a audience of 600 invitees-only, which consisted of senior executives from the payment industry. Before this announcement, PayRange Inc, had been running in Stealth-mode under the code name VendNext.
Patel decided to share the good news after the initial development had finally completed, with the audience:
Installing PayRange “… is as easy as plugging a USB thumb drive into a computer. It takes just 30 seconds and no tools are required. The BluKey™ device works with virtually any vending machine made in the last 15 years, plus millions of other kinds of machines.”
Patel continued to explain that consumers will maintain a prepaid balance on their smartphone device, which will be used to make payments for a variety of machines, which include vending, transit ticketing, parking, laundry and possible even more.
How It Works.
When a users is with in range, or “PayRange” as Patel likes too call it, they receive an alert within a arms length from the machine and then be allowed to immediately “swipe” their fingers on their smartphone’s touchscreen, sending payment to the machine through the use of Bluetooth technology.
The PayRange mobile application is planned to be released during April for iPhone, and later in the summer for Android.
Mobile payment may be a highly lucrative business for developers, Patel differentiates PayRange by focusing on unattended points-of-sale. “We believe mobile payment traction will occur first in markets where mobile displaces cash, because that is where the most pain is for users,” says Patel. “More specifically, cash payment on machines is unreliable with frequent jams, untrustworthy with ‘eating-money’ mishaps, and inconvenient requiring change and/or specific denominations of bills.”
Patel is a veteran of the retail industry, having previously founded VendScreen, creator for a Android-based touchscreen device for vending machine that also discloses nutritional information, as well as Courtesy Vending, a leading operator of vending machine based in the Pacific Northwest.
“PayRange is enabling machines to accept mobile payments in a truly cost-effective way,” says Rob Wiltbank, Angel Investor and Associate Professor of Strategy and Entrepreneurship at Willamette University. “By eliminating the need for the machine to have its own cellular connection and by aggregating micro-payments, this solution deals with the reality of tight margins for machine operators in ways that every other option does not. There is a massive market for this right now.”
PayRange has recruited a talented team of experts in hardware, mobile, and payments. The company launches its product on April 9th, 2014 at the National Automatic Merchandiser Association (NAMA) Expo in Chicago.