NEW DELHI: Customers in Australia and New Zealand can now use bitcoins to buy Coca Cola from vending machines. A partnership between Coca-Cola Amatil and digital assets platform Centrapay will allow users of the Sylo Smart Wallet app to pay for coke using bitcoins.
The partnership was announced four days ago, on June 8, and uses a QR-Code scanner on Coca Cola’s vending machines to make payments using bitcoins. The service is available on 2,000 and plus Coca Cola vending machines in the two countries.
Sylo is a crypto wallet and acts as an easy way for users to make transactions using crypto.
These vending machines will now have a QR-Code sticker, which users can scan using their phone’s camera and make payments. It also eliminates the need for people to touch vending machines while making a purchase to some extent, something that has picked up due to the covid-19 pandemic worldwide.
While Sylo provides the user facing end of the payments, Centrapay converts the bitcoin payments into fiat currencies and makes the payments to Amatil. The user experience is very similar to WeChat Pay in China, according to Dorian Johannik, co-founder and Business Director for Sylo.
Johannik said while the implementation at this point uses bitcoin only, the company is working to integrate other cryptocurrencies into the system in future. The idea behind using bitcoin is to lead a wider market, which may not be aware of or using other coins.
Johannik also said the company is working with some other brands globally to integrate such crypto payments into the real world. He says a Sylo wallet can technically be integrated into any smart vending machine, as long as a merchant is open to receiving such payments. The company could also work with large point of sale providers, allowing it to reach merchants directly.
Sylo has over 250,000 users at the moment and about 25% of those users come from India, according to Johannik.