Returpack Selects Payer to Digitise Payouts in Swedish Recycling Schemeby Fintechnews Baltic April 20, 2021
Returpack, a Swedish privately owned company that aims to increase recycling, has selected fintech startup Payer to develop a new IoT technology with the aim to create an easy digital payout experience for consumers.
Payer was chosen to develop the core engine, a machine-to-consumer, digital payout solution directly to the consumers’ bank account that was built using Payer’s modular API payments platform.
The digital solution is now being rolled out across Sweden. In the first roll-out phase are 57 machines, designed to receive bulk deposits.
The solution works in a combination of the machine, the cloud and a mobile app. The app is developed for both iOS and Android.
The first-time registration and setup of the receiving bank account takes less than a minute to complete. The user scans a QR code after completing a session and the funds are shortly deposited into the bank account.
The system works effectively so that the deposit is added to the price when a consumer purchases a single-use drinks container in retail.
The deposit is returned to the customer at the point of collection through a reverse vending machine. Traditionally the consumer obtains a physical voucher that is printed from the machine which can then be used for purchases in retail.
88% of bottles and cans sold in Sweden are recycled through this scheme.
Returpack is a company that facilitates over 2 billion deposits of recyclable PET bottles and cans in Sweden through a network of reverse vending machines.
“We are incredibly proud that we were trusted to develop the next generation digital payout solution for the Swedish deposit return scheme, a system that all Swedes have a relationship with and contribute to.
We are looking forward to continuing working closely with the team at Returpack in the future,”
said Peder Berge, CEO and Founder at Payer.
Featured image credit: ReturpackSubscribe to the most important Fintechnews in Estonia, Lithuania and Latvia.