Staying ahead of the technology curve means strengthening your competitive advantage. That is why we give you data-driven innovation insights into the food industry. This time, you get to discover 5 hand-picked food tech startups developing cashless payment solutions.
Global Startup Heat Map highlights 5 Top Food Tech Startups developing Cashless Payment Solutions out of 427
The insights of this data-driven analysis are derived from the Big Data & Artificial Intelligence-powered StartUs Insights Discovery Platform, covering 2.093.000+ startups & scaleups globally. The platform gives you an exhaustive overview of emerging technologies & relevant startups within a specific field in just a few clicks.
The Global Startup Heat Map below reveals the distribution of the 427 exemplary startups & scaleups we analyzed for this research. Further, it highlights 5 food tech startups that we hand-picked based on criteria such as founding year, location, funding raised, and more. You get to explore the solutions of these 5 startups & scaleups in this report. For insights on the other 422 cashless payment solutions, get in touch.
Up n’ Go provides a QR Code-based Mobile Payment
The global restaurant industry is worth billions of dollars with a significant percentage of the global population depending on it. As restaurants resume normal business operations post-COVID, the influx of customers creates delays in service. Being able to serve guests faster creates streamlined turnover rates and increases customer satisfaction which is why startups are creating cashless payment solutions that give customers a better and faster checkout experience.
US-based startup Up n’ Go develops a cashless and contactless payment application for restaurants. Its solution prints QR codes at the end of checks. Customers scan the QR code using smartphone cameras, thereby paying their bills without the need for a special app. The payment is directly sent to the restaurant’s point of sale (POS) or payment gateway to keep existing processes intact.
Zahlin creates an App that Tracks & Settles Restaurant Bills Automatically
Many pubs, bars, or clubs use a tab system to track and settle drink transactions all at once rather than individually. This avoids transaction fees from cashless payment methods when multiple orders or transactions are executed, thereby lowering costs for business owners. To this end, startups are creating apps to extend the tab system from drinking establishments to restaurants to create better customer experiences.
Swiss startup Zahlin specializes in mobile cashless payment solutions that track and settle restaurant bills without needing any intervention. The free application saves users’ payment information securely. Upon visiting restaurants, users simply need to check-in via the app, view their bill in real-time, and pay it with a single click or have the app settle it automatically. The app also encourages users by offering them loyalty programs through vouchers and rewards.
Hypergive develops Digital Food Wallets for the Homeless
Current estimates show that there are over 150 million homeless people globally who depend on the support of charities and their local governments. Cashless donations through charities are a popular method for large groups of people to contribute towards a common cause. However, a lack of clarity and bureaucracy often leads to questions regarding the final destination and use of the accumulated funds. This is why startups are creating secured digital wallets to ensure that the money collected is used only to purchase food and necessities for the homeless.
Canadian startup Hypergive creates a digital wallet for the homeless powered by the Ethereum blockchain technology. The wallet accepts donations securely with common cashless payment methods like credit cards, debit cards, and PayPal. The startup’s app then uses the blockchain to ensure that the funds are used for their intended purpose of buying food and other necessities. This method of charity increases the visibility and traceability of donations and their transactions by removing the use of physical money.
Watasale creates Smart Vending Machines for Cashless Stores
The advancements in retail technologies result in the development of autonomous or unmanned convenience stores. Such stores allow customers to walk in, pick up items, and exit the store without needing to check out or physically pay for the items. Currently, this technology is limited to large commercial retailers which is why startups are providing technologies for more companies to operate unmanned stores.
Indian startup Watasale creates products and solutions to operate autonomous and cashier-less stores. Their micro store solution is an advanced plug-and-play vending machine that lets users scan a QR code to open the door, take products, and walk away with the transaction being done automatically on their mobile phone. The autonomous stores use computer vision, deep learning, sensor fusion, and big data to provide customers with a seamless cashless shopping experience.
Pepeats develops a Mobile Payment System for Splitting Bills
The restaurant industry is constantly improving the customer service experience. One of the viable methods to achieve this is through cashless payment solutions. Currently, restaurants accept a variety of digital payment methods such as PayPal, credit cards, Google Pay, and more. However, these payment options are not designed to handle the splitting of bills when dealing with groups of customers. For this reason, startups are creating payment solutions that let restaurants focus on customer service rather than billing.
French startup Pepeats creates a mobile payment solution to automate the billing and customer loyalty management process. The solution works by integrating with billing software and sharing the bills among the customers. Additionally, the system does not require customers to download any applications and works using a web browser. The solution increases the average ticket of customers through a dematerialized payment experience.
Discover more FoodTech Startups
Food startups such as the examples highlighted in this report focus on Alternative Proteins, Robotics, Food Waste Reduction as well as increasing Supply Chain Transparency. While all of these technologies play a major role in advancing the food industry, they only represent the tip of the iceberg. To explore more food technologies, simply get in touch to let us look into your areas of interest. For a more general overview, you can download our free FoodTech Innovation Report to save your time and improve strategic decision-making.