Verizon Partners with AiFi to Enable Seamless Shopping At Indy 500

Verizon (VZ) is turning to Artificial Intelligence-powered solutions to enable seamless and safe transactions in retail outlets. The wireless carrier partnered with AiFi to promote a unique contactless shopping experience at the 105th Indianapolis 500.

Thanks to the collaboration, attendees from fans to drivers were able to purchase goods using portable computer vision-enabled technology. Powered by Verizon’s 5G network, the autonomous AiFi NanoStore is customizable and can be operated anywhere with 5G coverage.

“Giving race fans the ability to experience the power of Verizon 5G at the Indianapolis Motor Speedway through AiFi’s autonomous shopping NanoStore is an exciting moment for us,” said Andy Brady, VP, Enterprise Sales of Verizon Business.

Customers gain access to the NanoStore by scanning their Shop app. The AiFi and Verizon shopping technology then observes and tracks all the items that customers choose. Once the customers are done shopping, they simply walk out of the store, and a receipt is sent either to their app or email.

The new payment technology averts the risk of crowded payment lines in stores while enhancing contactless shopping. At the Indy 500, the technology ensured a smooth shopping experience. (See Verizon stock analysis on TipRanks)

Autonomous checkout is becoming the new reality as retailers team up with tech providers to provide minimal interaction with customers upon payments. Such systems have already been deployed in airport stores and select convenience stores. Tegut, a German grocery outlet, has already unleashed an autonomous supermarket concept with plans to launch more.

Last week, HSBC analyst Sunil Rajgopal reiterated a Hold rating on the stock after Verizon reached a deal to spin-off and merge WarnerMedia assets with Discovery. According to the analyst, the spin-off affirms the carrier’s push to shed businesses in which it has little expertise.

Rajgopal increased his stock price target to $62 from $58, implying approximately 10% upside potential to current levels.

Consensus among analysts on Wall Street is a Moderate Buy based on 5 Buy and 8 Hold ratings. The average analyst price target of $61.60 implies 9.05% upside potential to current levels.

VZ scores a 9 out of 10 on TipRanks’ Smart Score rating system, suggesting it is well-positioned to outperform the overall market.