As per reports, Verizon Business (VZ) has signed a deal with Mastercard Inc. to use 5G and wireless technology for contactless payments and enable an autonomous checkout service for retail stores.
The Verizon Business tie-up with Mastercard is aimed to utilize 5G smartphones and near-field communication (NFC) technology for merchants to accept customer payments without the need for point-of-sale (POS) terminals. The companies also plan to use computer vision technology and cloud computing to enable automatic checkout at unattended retail stores, similar to Amazon Go stores. The Go concept has not been widely adopted, with only 29 stores so far, due to the high costs involved in deploying the necessary technology.
“Between MasterCard, AiFi and us, we have everything we need,” stated Verizon Business revenue chief Sowmyanarayan Sampath without disclosing any financial details.
The company is working with retail technology specialist AiFi to use computer vision and artificial intelligence to create autonomous shopping to achieve a significant reduction in such costs, informed Sampath.
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