On June 9, 2020, New Zealand-based digital asset integrator Centrapay announced it had inked a deal with universal bottler Coca-Cola Amatil to enable consumers to use Bitcoin and other cryptos at more than 1200 vending machines across Australia and New Zealand.
As per the announcement, vending machines fitted with QR code scanners will accept digital currency payments with a scan of the user’s phone camera when New Zealand company Sylo’s smart wallet is installed.
The Sylo smart wallet brings together the features of a private messenger with a digital wallet in one app, enabling users to send and receive digital currencies in chat, and store Bitcoin and other tokens.
During the official announcement, Coca-Cola Amatil (CCA) revealed that it built the infrastructure to accept mobile wallets a couple of years ago, applying the QR codes to service Alipay and WeChat Pay customers in tourist hotspots.
Now, the bottling company says the next step is accepting cryptocurrencies as these classes of digital assets become more popular.
How the Payments System Will Work
According to a CCA spokesperson, clients pay for their favorite beverage in Australian or New Zealand dollars at the time of the transaction, and Centrapay takes the exchange rate, so the bottler is not exposed to cryptocurrency volatility.
With the success of the use of BTC in vending machines across Australia and New Zealand, CCA claims that they will be looking to expand digital asset payments globally, especially in already established markets in the US.
A Major Boost for Crypto Adoption
Today’s partnership between Coca-Cola and Centrapay is yet another sign the digital currencies are starting to gain acceptance in the real economy.
The move comes at a time when Central banks in a growing number of countries are taking actions to encourage contactless payments as the coronavirus pandemic escalates.
As such, Centrapay will make it easy for consumers, merchants, and machines to leverage digital assets in the physical world, reducing how much people need to touch the vending machine.
According to Centrapay CEO Jerome Faury, today’s move seeks to solve the problem of integration complexity and poor user experiences, which are pesky barriers to the adoption of digital assets.
“We have solved both these issues. Centrapay is pioneering the way to enable this new internet of value and bring its benefits to both consumers and merchants,” Jerome told reporters.