Mastercard is pursuing touchless retail with two new AI-powered solutions

Mastercard is pursuing touchless retail with two new AI-powered solutions
Business Insider Intelligence
  • This story was delivered to Insider Intelligence Payments & Commerce Briefing subscribers earlier this morning.

Mastercard unveiled two solutions set to help retailers digitize and simplify operations during the coronavirus pandemic.

  • Shop Anywhere. Mastercard partnered with Accel Robotics to develop AI and computer vision technology that will allow customers to shop and pay without waits or checkout lines, creating an experience similar to autonomous checkout. It'll partner with Circle K, Delaware North, and one Dunkin' location to test the technology beginning in October.
  • AI Powered Drive Through. The solution enables restaurants to offer customers personalized or dynamic menus on their mobile devices, based on store preferences, historical ordering trends, or other inputs. It can eliminate employee-led ordering and speed up wait times, and will be piloted at White Castle and other undisclosed quick-service chains this fall.

The new solutions might make Mastercard an attractive partner as the pandemic changes retail preferences and habits.Though in-store shopping is beginning to rebound from lows in April, customers remain wary: 32% of shoppers feel unsafe at shopping malls, 20% at warehouse clubs, and 18% at big box stores, per First Insight. Mastercard's solutions could make customers more comfortable by speeding up processes, allowing retailers to reduce capacity, and decreasing physical contact. And they might be popular as customers, who were already interested in retail technology innovations, warm to mobile shopping — in turn driving a slew of new merchant partners to Mastercard and boosting its presence in the space.

Want to read more stories like this one? Here's how you can gain access:
Advertisement
  1. Join other Insider Intelligence clients who receive this Briefing, along with other Payments & Commerce forecasts, briefings, charts, and research reports to their inboxes each day. >> Become a Client
  2. Explore related topics more in depth. >> Browse Our Coverage
Are you a current Insider Intelligence client? Log in here.
{{}}