Mastercard (MA 1.11%) is making an effort to align its business with a no-contact world. The company announced in a press release Friday that it is rolling out a set of "frictionless" transaction solutions for merchants that accept its payment cards.
They are centered around the company's Shop Anywhere technology platform, which can enable transactions when a cardholder merely has the plastic in their possession or stored on their phone.
In Mastercard's words, the system "improves the speed of the shopper journey by eliminating existing points of friction through robust inventory and participating shopper analytics -- offering consumers no wait, no checkout lines, and secure payments."
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Starting in October, Mastercard will go live with Shop Anywhere in several pilot programs at well-known retailers. These include one of Dunkin' Brands' restaurants in an unspecified location, and numerous outlets of the Circle K convenience store chain.
Mastercard's touch-free transaction technology will also be deployed in the drive-through line. With its AI Powered Drive Through platform, restaurants and other businesses operating such facilities can offer dynamic menus to customers and take orders through an automated conversational system utilizing artificial intelligence (AI).
As with Shop Anywhere, AI Powered Drive Through will debut in a pilot program. It's set to first take place at outlets of White Castle, the storied fast-food hamburger chain, again starting in October. Mastercard says the program will expand to other restaurants later this year.
Known among investors for being quite the tech-forward payment card brand, Mastercard saw a 2.8% pop in its stock price on Friday following the company's latest news. That increase bested the gains of the wider equities market.
