ING has teamed up with Dutch supermarket chain Albert Heijn and US tech startup AiFi to pilot a cashierless store where customers tap their bank card as they enter, pick up their groceries, and walk out, according to finextra.com.
The partners have built a tiny, 14 square meter, store in the city of Zaandam to test the concept.
Customers wave their bank card at the store entrance to open the doors. Then, as they take items from the shelves, cameras and weight sensors record the process.
When the shopping is completed, the customer stands at the exit, sees the amount spent on a display, and the payment – up to EUR25 – is processed.
The system is similar to that being used by Amazon Go stores in the US. However, ING says that its effort is particularly smooth because there is no need to register or download an app.
And, with privacy a growing concern in the digital age, AiFi says that its technology only registers shapes and arm movements and does not require facial recognition.
The system will be tested by staffers over the next couple of months, before moving to another store later in the year.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”