FinGo, a UK fintech behind the world’s first biometric identity authentication and payments platform, has struck a partnership with cashless solution experts VMC. It will see the companies create a world first retail vending technology, where users can pay and prove their age through a simple scan of their finger.
FinGo’s vein mapping technology works by taking a simple scan of a person’s unique vein pattern through an infrared device. This scan is connected to a person’s registered FinGo account, which can be linked to their verified ID or a digital wallet to enable payments. Registered users can then scan their vein to prove identity, age or make payments in any venue offering the FinGo system.
The partnership will explore the use of FinGo’s vein mapping technology to lead the way in ‘unattended retail’ for age-restricted products such as alcoholic drinks, e-cigarettes and vapes. Customers will simply scan their finger, linked to their identity and digital wallet, before collecting the product.
In 2020, Manchester City Council was the first in the world to approve FinGo to verify age in licensed premises – so customers could pay and prove their age for a pint, with their finger.
The partnership will also explore sustainability projects through reverse vending schemes, allowing users to collect and recycle empty containers, collecting points or rewards along the way.
As well as developing the biometric vending machine interface, FinGo will offer a combined ePOS ordering, payment and Identity solution alongside VMC’s ‘Flex’ cashless loyalty solution.
VMC provides cashless solutions for organisations including Aldi, ASDA, University of Brighton and City of Bristol College.
Simon Binns, Chief Commercial Officer of FinGo, celebrated the partnership:
“FinGo and VMC have the potential to transform retail and hospitality. This new approach to vending will make purchases easier for customers, be more cost-effective for vendors, and it demonstrates the importance of an entirely secure identity system that can integrate with other aspects of our daily lives. VMC mirror FinGo’s approach to innovation, and our combined solutions will push the boundaries in the unattended retail space.”
Nick Bate, Managing Director of VMC:
“As a business we’ve always focused on innovating and ways to add value to our systems, and our collaboration with FinGo continues this tradition. Integrating FinGo’s pioneering technology with our own, to enable age and identity restricted sales in both vending and unattended retail, will help us to explore new markets and deliver the very best integrated payment solutions to our customers.”