PayLab announced that its mobile application, along with its embedded point-of-sale device, addresses key barriers preventing greater vending adoption, including excessive merchant fees currently faced by vending operators, according to the release.
PayLab’s Senior Vice President of Business Development Mike McCrady said in a prepared statement, “We’re looking forward to launching PayLab at NAMA 2014 and partnering with operators to move the industry forward by offering consumers a unique retail experience. We think operators recognize the value of an innovative user experience at the machine and its potential to drive revenues while generating greater brand loyalty amongst consumers.”
The mobile device is quickly becoming the wallet of choice for consumers and PayLab’s solution leverages this growing trend to drive same machine sales while providing a platform to actively engage consumers at the point-of-sale and beyond. Recent industry research suggests more than half of regular vending users would increase their purchase behavior if the industry were to embrace further technical innovations, while more than two thirds of consumers believe their Smartphone will eventually replace credit card payment cards. With those factors in mind, PayLab was designed from the ground up as a “mobile first” solution utilizing existing technologies to create new user experiences.
As part of the design process, PayLab didn’t just design a new product, it designed a new process: one that captures the imaginations of the user in ways that a traditional mag stripe card reader simply couldn’t. PayLab’s offering leverages internal hardware and location services on the user’s Smartphone and it couples it with data capture and sensors embedded in its hardware to create a frictionless, secure and compelling vend transaction that turns traffic into customers and customers into repeat customers. McCrady said, “During the initial development stage, we examined how other mobile payment solutions, including Starbucks’ wildly successful mobile wallet, were able to engage its audience and we are now bringing those same ideas and innovations to vending.”
PayLab will be at Booth 216 at the 2014 NAMA OneShow.