Blockchain identity startup Civic expands network with 12 automated retail partners
Tue, 23 Apr 2019, 12:00 pm UTC
Blockchain identity startup Civic has announced the expansion of its network with 12 automated retail partners.
In its press release, Civic said that it will soon launch Civic Pay app which would enable partners to combine identity verification, payment, and rewards into a single transaction.
Initial Civic Pay partners include AAEON, AR Systems, Fastcorp Vending, Global Vending Group, greenbox Robotics, Invenda, IVM, IVS, Retail Automated Concepts, SandenVendo, The-Venders, and Wemp. Together, these companies represent over one million connected vending machines, the release said.
“By integrating the Civic Pay app with automated retail solutions and smart vending machines, these partners will introduce the first real-world, Civic Pay use cases, where people can prove identity and pay for a product in a single transaction,” Civic said.
Transactions require some sort of identity verification. By building identity verification into payment functionality, the process is simplified. The Civic Pay app takes this a step further and allows users to use the same verification over and over again, further streamlining the identity and payment process.
Civic expects the technology to be used in 1,000 machines by the end of this year, CoinDesk reported. For confirming age and identity of users, the app will rely on scan of documents, such as a driver’s license.
“The first step in making digital identity attainable is making it accessible for the everyday consumer,” said Vinny Lingham, Civic CEO and Co-founder. “Vending machines represent an introduction to the mass market, where people can see how digital identity functions in the real world, as well as opening up an entirely new market for automated retail. We’re thrilled to partner with leaders in the automated retail industry, and working together, we look forward to making digital identity available and usable.”
Speaking to CoinDesk, Lingham said that they are planning to use Gemini’s GUSD stablecoin in the Civic Pay app. When customers make any purchases through the app, they would most likely use GUSD (purchased through Civic) to make the payment. Participating merchants, on the other hand, will receive the stablecoin and a much lower transaction fee.
“For non-age-gated products, the vending machine industry is dying for a cheaper, faster transaction,” Lingham told CoinDesk. “They can save 80–90 percent on transaction fees.”
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