• Tue, 23 Jul 2019, 05:57 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Blockchain identity startup Civic expands network with 12 automated retail partners

Source: Civic

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.”

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,167.20 (-4.03%)
  • Ethereum (ETH) $214.49 (-4.81%)
  • XRP (XRP) $0.317500 (-3.81%)
  • Litecoin (LTC) $93.13 (-5.85%)
  • Bitcoin Cash (BCH) $308.08 (-3.49%)
  • Bitcoin (BTC) $10,167.20 (-4.03%)
Jul 23, 2019 (Tuesday)
05:29
Ping An's OneConnect partners with UnionBank's UBX to launch blockchain-powered financing platform for MSMEs
05:19
FINRA gives companies more chances to comply with crypto data request
05:03
Crypto exchange QuickBit confirms major data leak, likely to affect 300K users
04:45
Uganda looks to blockchain in counterfeit drug battle
04:05
UK lawmaker who busted Facebook-Cambridge Analytica scandal sets sights on Libra crypto
03:47
Singapore-based Forise International expands to blockchain consulting
03:41
Mercedes-Benz' parent company Daimler partners with Riddle & Code to develop crypto hardware wallet for cars
03:26
Binance lists GBP-backed stablecoin 'BGBP'
Jul 22, 2019 (Monday)
12:20
Crypto Technicals: IOT/USD recovery fails shy of 200-DMA, downside resumption likely
12:20
Former Token Foundry head begins process to sue Joseph Lubin for $13M
11:39
Blockchain firm R3 pushes for more Corda sales with new hire
11:26
South Korean citizen unaffiliated to Samsung files trademark application for 'Samsung Coin'
10:46
Former Russian crypto executive arrested in Italy
09:19
Blockchain startup Diana to launch 'lunar registry' to divide and tokenize the moon
08:39
Crypto Technicals: ETC/USD confirms 'Golden Cross' on hourly charts, eyes 21-EMA at 6.722
07:46
Iran finalizes power tariff scheme for crypto miners but no license for importing mining equipment yet
07:42
Crypto firm FairX closes digital doors due to lack of funding
06:34
Thailand shows less hostility towards Libra compared to other countries
06:23
European Central Bank official says calm down about stablecoin
05:42
No official ban on cryptocurrency yet, Indian Minister clarifies
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft