Vending machines are the most effortless way to sell products in this era of ‘untact’ or ‘no-contact’ times. And if there is a cashless option for the vending machine, it will make it easy to get the goodies. Malaysian startup Vechnology has introduced the first cashless vending machine technology that identifies e-wallets to vend products. The startup was one of the top companies in the 2020 K-Startup Grand Challenge,K-Startup Grand Challenge, South Korea’s biggest global accelerator program.
Consumers can buy cashless; merchants can monitor sales remotely
Vechnology is fostering cashless technology by equipping unified QR payment to the vending machine, which can identify whichever e-wallet you are using to vend the products. With loT vending technology, clients can remotely put the machine to smart hibernation mode. With SaaS Cloud technology, the clients can track, store, manage and upload the inventory data at the fingertip. With data analytical solutions, the company helps brands curate customized marketing campaigns.
Vechnology’s smart vending machines are equipped with their in-house software, VECloud, and VEProUX. With this system, owners can remotely access their machines in real-time, allowing them to check sales and inventory, adjust prices, fix minor errors, and control digital signages. The startup is also developing facial recognition technology.
Vechnology’s machines have already been used to sell various products from snacks and drinks to more unconventional items such as cosmetics, medical supplies, and personal protection equipment. The startup has multiple e-wallet partners such as GrabPay, Boost, WeChat Pay, Alipay, Touch n’ Go Digital, Maybank QR, and Union Pay. Moreover, the machine comes with an anti-theft mechanical framework which can reduce the theft problem.
Winning the top prize at K-Startup Grand Challenge
Vechnology was founded in 2015 by Lance Ong and Evelyn while they were studying at University Tunku Abdul Rahman (UTAR). Lance and Evelyn came up with the startup idea when they faced difficulty searching for convenient food outlets. They acquired snack vending machines for the campus and became vending machine vendors importing machines from China to Malaysia. They realized the problem with cash and coin transactions and the threat of burglary, vandalism with the existing machines. To solve it, Vechnology introduced its “unified QR e-wallet” vending machine in 2019.
“We have since established a new manufacturing facility and invested heavily in research and development with the goal to revolutionize the regional vending machine industry. We plan to expand across South-East Asia, focusing on smart vending solutions for retail and industrial businesses,” Lance said about the business.
With participation in the K-Startup Grand Challenge (KSGC) 2020K-Startup Grand Challenge (KSGC) 2020 program in South Korea, Vechnology has opened opportunities to expand in other Asian countries. KSGC is the leading startup inbound program organized and financed by the Korean government. It is an all-expenses-paid 3.5-month program where startups get to reach out to potential investors, network, and expand business in South Korea and the Asian market.
Vechnology was selected to be part of the program in 2020, and despite COVID-19 restrictions, the company got to spend considerable time in Korea. Vechnology won the third prize at the KSGC 2020 program out of 2,648 companies that had applied and got a cash prize worth $30,000.