Contactless and Cashless Payment Technology

[Audio] Hello! Welcome to Team 4's presentation. In this deck we will present to you Contactless and cashierless technologies. This project was completed by Kevin Foong, Michelle Remarais, and Kareen Foucault..

[Audio] As younger tech-savvy generations enter adulthood. Society will become cashless more and more. Stores will start turning down cash as payment for goods and services. To use the service, customers will need to register their credit card in the store's mobile app along with their palm vein and facial recognition details. Customers can also choose to access the store by scanning a QR code displayed on the stores app..

[Audio] No need to carry a wallet with cash or credit cards. Less opportunity for thieves to find access to people money. No need to interact with no one if you don't want to. No need to wait in long lines for your turn to pay. Stress free about losing your money, forgetting to bring your wallet, etc.

[Audio] Those places will scan your identity as you walk in. The system will then identify who you are. The account information that you entered on the store app will be activated to be used. The customer will get a notification on their phone stating that their account has been activated at that store. When the person is leaving the place. The scanner at the door will see what items they have with them and their account will automatically be charged for the total. If by the time the customer walked in, their account is not activated for any reason, They will be stop at the door if going out with an item..

[Audio] 27 Amazon Go store locations within United States 10 Amazon Go stores in New York City alone Expansion into international markets.

[Audio] Contactless and cashier-less payment technology allow customers to enter physical stores after scanning the store's app; they then pick the items they want and exit without waiting at checkout lines. Such stores are equipped with cameras, sensors, and weight sensors with learning algorithms that automatically track customers and the items they interact with. As technology advances, more retailers are opening contactless and cashier-less stores with artificial intelligence-powered and next-generation technologies. Contactless and cashless payment technology such as Amazon Go store, Just Walk Out. Through advanced tracking technologies, contactless and cashier-less shopping experiences have become more common and have completely disrupted the retail industry. Contactless and cashier-less technology replace the utilization of cashless instruments and paper forms of payment more specifically, Cash. Many countries are moving toward a cashless society, providing a unique opportunity for contactless and cashier-less technologies to succeed.. Contactless and cashierless payment technology also threaten some jobs in grocery stores such as cashiers and baggers, by replacing and thus eliminating by automating the tasks of the two roles..

[Audio] Our stakeholder analysis captures the ecosystem for cashless and cashierless payment technologies. Our assessment visualizes how the interest of those key stakeholders should be addressed. Utilizing a the SWOT concept we concluded that our key stakeholders fall in 1 of 4 categories: Keep Satisfied, Manage Closely, Minor or Minimal Effort, and Keep informed. In order to complete the stakeholder analysis, we first listed all contactless and cashless payment technology stakeholders. We identified 16 key stakeholders for contactless and cashless technologies. This list includes: Board Members Shareholders Key Advisors Customer Prospective customers Merchants The Community Lenders, Financial, Banking, and credit card institutions Business Analysts Key Contributors Insurance industry regulators Senior Executives/Leadership The Press Interest Groups Consumer Protection Agencies Government Our analysis provides visualization to address the weighing and balancing of all the demands of key stakeholder..

[Audio] On slide 7 we will go over some of the factors that influence the diffusion and barriers to contactless and cashless payment technology. A benefit of the technology is convenience. It offers a contactless and cashless as a method of payment. This will then lead to a enhanced consumer shopping experience and improved customer satisfaction because of the convenience this technology offers. Contactless and Cashless Payment Technology will eliminate bottleneck at check-out because there will be no need to wait for someone to scan your items. Improved customer experience will then lead to returning customers and a higher inventory turnover. Another benefit is low operating costs and reduced payroll expense because you will be eliminating a headcount or headcounts from that role. However, that leads me to some of the barriers which is the elimination of jobs and some people will be against it. This technology needs better theft prevention since there are ways to block an item from being scanned at checkout. The cost of adopting this technology is costly and it could be significant for smaller companies which they might find it hard to invest in. There is Increasing competition with Amazon being the biggest competitor and this might be one of the biggest barriers to overcome since they have the capital and market share to keep competitors out...

[Audio] A company working on contactless and cashless technology is Amazon Go. Amazon calls it Just Walk Out Technology and it can detect when products are taken or returned to the shelves. Amazon's Just Walk Out technology tracks all the items in a virtual cart and when the customer is done shopping, they can just leave the store and all items will be charged to their Amazon account. Just Walk Out technology can be applied to various industries, help increase efficiency during check-out, and reduce bottlenecks. We believe this technology is disruptive and valuable because It can help free up a company's resources and allow the company to redirect it elsewhere..

[Audio] In this slide, we will develop a deployment strategy that enhances the likelihood of success for contactless and cashier-less payment technologies. With lessons learned from the prior launches, we found several key strategies that can increase the chance of success, for example, ensuring system failure audits are completed on a cadence before and after launch to keep up with demand. The launch of the Amazon Go stores, Just Walk Out technology, was delayed due to several issues with the sensors' ability to track multiple users or objects within the store, such as when children move items to other shelves or when more than one customer has similar physical characteristics. The technology of contactless and cashier-less shopping experiences can allow integration into several retail business models. Success will depend on how agile a company can be while keeping up with the changing technology and complexity of maintaining operations. Business Strategy: We start by outlining the project from start to finish, examining how the launch will impact business, and planning around busy and critical system use times. We evaluate how to make operations more streamlined and efficient before launch. This will entail the following: 1. Strong communication · The best project launches require everyone, from the development team to end users, to be aligned on goals and objectives. 2. Organized Project Management · The complexities of contactless and cashier-less payment technologies have many moving parts for deployment. When a project is unorganized, it risks missing deadlines and not progressing efficiently. 3. Detailed Data Management · Envisioning how the data should work for the end user and focusing on data migration goals will ensure seamless user-end shopping experiences. 4. Rigorous Quality Assurance ( QA) · Internal QA tests to assess and develop criteria to test against and ensure continuous operational efficiency. 5. Training Plans · All system changes run smoother and are adopted more widely when accompanied by user training. 6. Support Needs – Day of, Week of, Month of support · Even adequate users will still have questions. Develop ongoing training to use contactless and cashier-less payment technology and enhance the technology. 7. LAUNCH! · Repeating steps 1, 3, 4, and 6 ensures operational efficiency and success..