Concept: UK’s fintech company FinGo has partnered with cashless payment solution provider VMC to develop a retail vending technology where users can pay and prove their age through a simple scan of their finger. The vending machine named FinGoVend enables retailers to provide unattended retail for age-restricted products including alcoholic drinks, e-cigarettes, and vapes.
Nature of Disruption: FinGoVend biometric vending machines enable users to pay and verify their age by placing their fingers in a built-in infrared sensor that scans their vein biometric finger patterns. The scan is connected to a person’s registered FinGo account, which would be linked to their verified ID and digital wallet to enable payments for the purchase of age-restricted products, including alcoholic drinks, e-cigarettes, and vapes. FinGo claims that the new vending machines can help brands expand their reach with new D2C (direct-to-consumer) relationships. It also provides a frictionless solution to managing age verification for the hospitality sector and also offers a new revenue stream for businesses with new sale points. The innovative retail solution can also enhance the convenience factor for consumers as they don’t have to carry ID, cards, or devices when purchasing age-restricted products.
Outlook: Verifying the identity and age of a customer has been one of the biggest challenges in offering an unattended retail solution for various age-restricted products. FinGo claims that the FinGoVend vending machines can enable businesses to offer unattended retail solutions without supervision. Vagabond Wines and craft brewery First Chop are the first brands to offer their products through the FinGoVend machine. FinGO and VMC also plan to offer sustainability projects including reverse vending schemes enabling users to collect and recycle empty containers while earning points or rewards along the way.