PayRange's Acquisition of KioSoft: A Leap Towards the Future of Unattended Retail

In a significant move aimed at revolutionizing the unattended retail landscape, PayRange LLC has officially announced its acquisition of KioSoft Technologies. This strategic partnership is set to combine PayRange’s innovative mobile-first payment platform with KioSoft’s expertise in cashless payment and IoT solutions, thereby facilitating the modernization of millions of unattended machines. This acquisition marks a pivotal moment in the evolution of unattended retail, which includes vending machines and self-service kiosks that traditionally relied on cash transactions.

The Digital Shift in Unattended Retail

For years, unattended retail has remained one of the last frontiers in the digital transformation journey. As consumers increasingly demand convenience and flexibility in payment methods, the necessity for cashless options becomes more apparent. PayRange, recognized as a pioneering commerce platform in this sector, has been at the forefront of integrating mobile payments into everyday transactions.

“Unattended retail is one of the last frontiers of digital transformation,” commented Paresh Patel, Founder and CEO of PayRange. “For the past decade, we have focused on bringing convenient mobile-first connectivity to everyday transactions. Through the acquisition of KioSoft, we bring together our complementary skills to reinvent self-service commerce.” This outlook emphasizes PayRange's commitment to evolving the way consumers interact with vending machines and kiosks, moving beyond traditional cash-based systems.

By tapping into KioSoft’s established global presence and operator network, PayRange aims to enhance its capabilities significantly. The merger will not only equip operators with advanced tools for managing connected machines but also elevate the consumer experience by providing seamless and efficient payment processes. This means consumers can easily access products and services without the hassle of coins or cash.

Enhanced Consumer Engagement and Insights

Moreover, the merger focuses on providing increased engagement opportunities for machine operators. With improved analytics and insights into consumer behavior, operators can fine-tune offerings and marketing strategies, ultimately driving sales higher. “This combination is about accelerating a modernized, convenient, and unified payment experience for the millions of consumers who use unattended retail machines every day,” stated Charles Lee, President of KioSoft.

Charles Lee will assume the role of Vice Chairman of PayRange post-acquisition, reflecting a strong commitment to collaboration and shared vision. The transition is designed to be seamless for existing KioSoft clients, ensuring that current services and support remain uninterrupted.

A Promising Future for the Sector

The expanded capabilities of the newly merged entity promise significant benefits for both consumers and operators. By offering integrated cashless options and real-time analytics, PayRange enables operators to enhance customer experiences while increasing their revenue streams and minimizing operational expenses.

PayRange proudly serves millions of users with its advanced IoT platform and connected solutions that simplify commerce and payment verification. Meanwhile, KioSoft's reputation as an innovator in providing unattended payment solutions across various markets, including laundry, amusement, and vending industries, adds valuable strength to the partnership. Together, the two companies will aim to redefine contactless payments in the unattended retail sector.

Conclusion

In summary, PayRange's strategic acquisition of KioSoft is set to create a dynamic landscape for unattended retail, fostering an environment that promotes digital convenience, smarter transactions, and enhanced consumer interactions. As the industry gears up for this transformative shift, it will be interesting to see how these advancements shape the future of retail and consumer engagement, marking a significant milestone in the journey towards a truly cashless society.

For more information about this acquisition and what it means for the future of unattended retail, visit PayRange.