Friday, March 23, 2018 | Today's Vending Industry News
Reis & Irvy's Fro-Yo Vending Machines Add Crypto Payment Option

Posted On: 3/13/2018

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SAN DIEGO -- Reis & Irvy's Inc., a subsidiary of Generation Next Franchise Brands Inc., said its frozen yogurt vending machines will accept cryptocurrencies.

The venders will be equipped with the capability to accept several types of cryptocurrencies including: Bitcoin (BTC), Bitcoin Cash (BTH), Litecoin (LTC), and Ethereum (ETH). The company plans to deploy its first production run of its Reis & Irvy's machines at nearly 1,000 locations across the U.S. this spring and summer.

Customers will use the machine's 10" iPad touchscreen to customize their orders with a variety of flavors and toppings. At the checkout screen, they will have the option to pay with cash, credit card, Apple Pay, Google Wallet or via crypto payment.
For crypto payment users, the machine will automatically generate a QR code to scan using the Coinbase wallet app on their mobile devices.  

Cryptocurrencies are a new form of tender that only exist digitally and have no central regulating authority. Instead, digital currencies, which rely on cryptography to prevent counterfeiting, use a decentralized system to record transactions and manage the issuance of new units. Over the past year, cryptocurrencies reached mainstream popularity with Bitcoin and continue to be a hot topic in the media.

"Not only is using the Coinbase app easy and fun, but it is fast," said Nick Yates, chairman of Generation Next Franchise Brands. "Although it can vary, our initial tests show that the software takes less than five seconds to process for Bitcoin Cash and Litecoin transactions. Additionally, these cryptocurrencies boast a low transaction fee of only 3¢ or less."

He added, however, that Next Generation's preliminary tests show that Bitcoin and Ethereum, which can also be utilized through the Coinbase app, aren't processing quickly enough and "in our opinion, the fees still seem to categorize themselves as more of asset class then as a currency."