Amazon Go Cash Free Technology Is The WORST Thing Happened To Your Wallet – Here’s Why

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Companies like Starbucks and Amazon are testing stores that do not accept cash.

Nexter.org figures out why it’s the worst thing that could happen to your wallet.

No cashiers, registers or cash

Last week (Jan 22, 2018) Amazon has finally opened the doors of its futuristic grocery store, Amazon Go, in Seattle. The company’s “Just Walk Out” uses cameras and sensors to track what shoppers take from the shelves, so they can just walk out without stopping to check out.

amazon-go-store-photo

Source: AP/Elaine Thompson

How it works?

To enter the store you must scan the Amazon Go app’s barcode at the turnstiles. Starting from that moment, cameras and sensors identify you by your Amazon account as you move through the store.

So yeah, you MUST download this app to your phone.

amazon-cash-free-app-photo

Source: AP/Elaine Thompson

The store doesn’t have cashiers, but it still has workers who welcome shoppers into the store, and stockers shuffle goods from the back rooms onto the shelves.

Important things to know!

The system charges the person who grabs a product from the shelf. You grab it, you buy it — those are the rules.

amazon-go-photo

Moreover, an automated store could end up being bad for your wallet: “When you don’t see the money leave your wallet and aren’t even asked to swipe, it makes it too easy to spend,”  Jean Chatzky, financial editor of NBC’s “Today Show” said.

For example, researchers have found that paying with actual dollar bills is painful because you’re physically handing over your money and watching it disappear. That’s why money experts recommend going cash only if you’re looking to cut back: Using paper rather than plastic can help you save.

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Amazon Go Cash Free Technology Is The WORST Thing Happened To Your Wallet
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Amazon Go Cash Free Technology Is The WORST Thing Happened To Your Wallet
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Companies like Starbucks and Amazon are testing stores that do not accept cash. Nexter.org figures out why it’s the worst thing that could happen to your wallet.
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