As we navigate through the golden years, we’re no strangers to change, especially when it comes to technology. From the introduction of colour television to the rise of the internet, we’ve seen it all. And now, there’s a new shift on the horizon that’s set to revolutionise the way we shop – a fully automated, cashless shopping experience.
Imagine walking into a store, picking up what you need, and simply walking out without the hassle of queues or checkout counters. This isn’t a scene from a futuristic movie; it’s a reality now made possible by the innovative technology from Mastercard and AiFi.
This new technology, which was showcased at an Australian Open convenience store pop-up, is designed to make shopping faster, more seamless, and easier for customers. It uses artificial intelligence to track your movements and items you pick up in the store. All you need to do is tap your card or smart device to enter, and the cameras do the rest.
Here’s how it works: upon entering, you’ll tap your payment method on a terminal, which places a temporary $1 hold on your card. As you shop, cameras equipped with spatial intelligence track your selections. When you’re ready to leave, your card is charged for the items you’re taking with you, and you can scan a QR code for a receipt. It’s shopping made simple, with no surcharges or need for scanning items or interacting with a cashier.
But what does this mean for us, the consumers? Steve Carlin, CEO of AiFi, suggests that we’ll benefit from lower wait times and improved checkout efficiency. Plus, there won’t be any surcharges for using our cards, which is a relief considering the hundreds of millions of dollars Australians pay collectively in card fees.
For retailers, the transition to this technology could be a mixed bag. While they may face costs associated with implementing the new camera service, there are potential savings too. The system could reduce the need for expensive shelf sensors and is adaptable to various store sizes. It’s also a strong deterrent against shoplifting and checkout fraud, as customers are monitored and their payment details are already on file.
Now, let’s address the elephant in the room: job security. With this technology, it’s possible to run a store without any physical staff. However, according to Surin Fernando of Mastercard Australasia, there may still be a need for employees to assist with customer inquiries, payment issues, or other duties. It’s a matter of balance and understanding what’s important for each retailer.
And what about those who prefer to use cash? It’s true that the number of Aussies using cash has decreased, but there are still many who rely on physical money. These individuals might face challenges with cashless businesses, and under the new system, they wouldn’t be able to enter the store without a digital payment method. Retailers will need to consider how to accommodate cash users, possibly through a hybrid store model.
What do you think about this new cashless and fully automated shopping experience? Do you see it as a convenient upgrade, or are there aspects like accessibility for cash users and job security that concern you? We’d love to hear your thoughts in the comments below!
Also read: Older Australians ‘left behind’ by increasingly cashless society
