Add another player to the store self-checkout solutions market. Wirecard announced its development of a prototype autonomous checkout system for merchants using Artificial Intelligence (AI) technology.
There are no details yet on when and where the system would be available, and for which merchants. But it’s becoming clear that many fintechs and other developers are jumping into the self-checkout area, continuing our feeling that 2020 will be an expansive year for merchants and autonomous checkout systems in addition to Amazon Go stores.
A Finextra article, excerpted below, covers the the topic further:
The Grab & Go Store concept offers shoppers a convenient, seamless purchasing experience through AI: consumers enter the store via smartphone, pick products which are scanned automatically, the payment happens when leaving – with this, lines, checkouts and opening hours are eliminated, and the payment process happens in the background.
Launched by Wirecard’s Innovation Labs, the Grab & Go Store works through a combination of computer vision, deep learning, and logic. The store offers a convenient and entirely streamlined customer journey: both pre-registered and new shoppers can simply enter the store after being automatically identified at the door, select their desired items, and leave.
“At Wirecard, we believe that the future of shopping is all about customer convenience,” said Jörn Leogrande, EVP Wirecard Labs. “Our Grab & Go Store is suitable for a variety of shopping scenarios which put the customer first and give them the utmost flexibility. We see the Grab & Go Store and similar concepts becoming widespread in the near future, and for this reason we are positioning ourselves at the forefront of this technology.”
The store grants access to customers through a variety of methods via smartphone, which can be tailored to the merchant’s preference.
Overview by Raymond Pucci, Director, Merchant Services at Mercator Advisory Group