New cashless technology that tracks shoppers as they move around a store is the latest upgrade to payment methods being embraced by Aussie businesses.
The technology powered by artificial intelligence (AI) was first launched by financial giant Mastercard at the n Open in Melbourne.
Fans and visitors can purchase items at pop-up stores across the Melbourne Park precinct by tapping their credit card on an electronic payment scanner.
Shoppers can then enter the store, buy their items and simply walk out.
Cameras powered by spatial artificial intelligence platform AiFi allows the devices to trace the movements of customers inside.
The cameras track what items shoppers bought and how much each item costs.
Aussies are then charged for the total amount once they leave the store and can choose to get a receipt by scanning a QR code.
Shoppers are not required to scan their items at a self-serve checkout or wait to pay for their products at the cashier when using the new technology.
Head of the Customer Solutions Centre at Mastercard Surin Fernando said the technology will provide a more efficient shopping experience.
‘It’s fully automated through the camera,’ Mr Fernando told Yahoo News.
The technology was developed with ‘safety and security in mind’ to improve autonomous shopping in a ‘privacy compliant way.’
Once customers tap their card at the entrance of a store that uses the payment system, a digitised stick figure image of the shopper is generated.
Mr Fernando said this system does not use facial recognition software or any other form of technology to identify each customer.
A temporary hold of $1 is placed on the shopper’s card, which is removed once they leave the store. There is no surcharge for using the payment method.
Mr Fernando said retailers including convenience stores and petrol stations are set to embrace the new technology, which could also be integrated into large stadiums.
CEO of AiFi Steve Carlin said the technology would also reduce shoplifting and help stores manage their stock effectively.
‘AiFi’s camera-led solution eliminates the need for expensive shelf sensors and can easily be adapted to various store sizes and formats,’ he said.
The payment method can’t be used by those who pay with cash, with non-cash payments accounting for around $300billion across the n economy in 2023.
A federal mandate will be introduced on January 1, 2026 to businesses selling essential goods and services to accept cash payments.
Some small businesses could be given an exemption from the measure.