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Mastercard Innovates Solutions to Simplify Payments for Users

Mastercard Inc. MA has rolled out a suite of frictionless solutions named Shop Anywhere and AI Powered Drive Through. These services will provide customers with a safer payment mode, which will be contact free, involve minimal or no physical interaction and keep the social-distancing measures intact. These solutions will be supported by AI and the computer vision technology partner Accel Robotics,

In the checkout free shopping, Shop Anywhere will offer consumers no wait, no checkout lines and secure payment facilities via a robust inventory and participating shopper analytics.

Through Shop Anywhere solution, shoppers can easily access the stores beyond normal opening hours if selected by the retailer. They can shop for unique and exclusive merchandise.

Shop Anywhere can be deployed across a range of physical spaces, such as shopping malls, airports, grocery stores and apparel outlets. Mastercard is introducing live pilots of the Shop Anywhere platform with several retail partners beginning October 2020.

This personalized drive-through menu solution will be provided in partnership with SoundHound Inc. and Rekor Systems REKR. This service will enable quick service restaurant brands to transform their drive-through or drive-in interactions via vehicle recognition, voice ordering and artificial intelligence.

Consumers will be able to receive personalized and dynamic menu offers based on historical purchasing trends. They will be able to bypass the physical interaction with restaurant employees for placing their orders.

The  solution is built on Mastercard’s Sonic Drive-In prototype, an AI-powered voice assistant.  This technology will begin on-location pilots in the White Castle area this October and gradually become available at other quick service restaurants later in the year.

The transformation in retail payments from physical to digital mode following the COVID-19 outbreak is prompting Mastercard to invest in retail innovation. Via sophisticated technology, the company aims to provide value to its merchant partners, expand its acceptance, and deliver secure and streamlined payments for cardholders.

The company utilizes technologies, such as computer vision, AI, biometrics and tokenization to offer retailers the best-in-class solutions that combine scale, security and infrastructure to enrich shoppers’ experience.

To stay proactive and ahead of the dynamic payments landscape requires constant investment in technology and Mastercard has been keeping itself technologically updated via extensive investments.

The company has been betting big on the vast digital payments market, pinning hopes on its growth. It is heavily parking money in the B2B payments space and real-time payments functionality.  Its worldwide payments network, brand reputation and a solid balance sheet bode well for the long haul.

Year to date, the stock has gained 18.8% compared with its industry’s growth of 8.8%.

Other stocks in the same space include Visa V and American Express Co. AXP. While Visa has gained 13.1%, AmEx has lost 18.1% over the same time frame.

Mastercard carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

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