McDonald's (MCD) is trying to make fast food even faster.

The Financial Times reports that the world's largest fast-food chain plans to replace many of the cashiers at its 7,000 European restaurants with touch-screen terminals that allow customers to order and pay electronically.

The system is similar to what many consumers experience in supermarkets, retailers and gasoline stations that have opted for self-checkout to save on labor costs. McDonald's says the move is about making its European restaurants more convenient and efficient. It's also clearly about keeping down costs. If it succeeds, you can bet the trend will come soon to the U.S.

The decision is being driven by margin concerns. McDonald's is still growing its sales, reporting a 5.7% increase during its first quarter in Europe compared with a year ago. But margins are being eaten up by higher commodity costs -- beef and dairy in particular. (Mickey D's recently debuted new chicken menu items to fight beef inflation.)

Outside the restaurant, consumers everywhere are struggling to pay bills under the weight of rising gasoline and food prices, and a Big Mac or McCafe coffee is quickly becoming an expense many folks cannot afford as often as they might once have. That may be even more the case now that McDonald's has said it will raise menu prices to cover rising food costs.

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Eliminating cashiers may help McDonald's stabilize menu prices, or even cut some, to help lure customers to its restaurants. It's not like most of McDonald's customers don't know what they want when they go in to order. By adopting a swipe-and-go payment system, McDonald's also can gather more information about its customers, such as their ordering habits and which menu items sell best to a particular demographic.

However, some customers may not like it or not have credit or debit cards. Likewise, some may sympathize with the cashiers who lose their jobs. Many customers at stores like Wal-Mart (WMT) have gotten used to checking themselves out, and considering the relatively small menu at McDonald's compared with the produce section at a supercenter, they may not find the self-checkout kiosks hard to use at all.

But while the ordering experience may not change, the labor market could feel an impact. During the Great Recession, many consumers turned to McDonald's -- one of the few employers still hiring -- for employment. McDonald's recently held a national hiring day to fill 50,000 jobs. There may be some risk in rolling out a cashier-free system after touting the restaurant's footprint as an employer. And if there are not enough accessible employees around to complain about when folks use the self-checkout for the first time, that could really give customers the impression that McDonald's is just looking to cut corners to squeeze out a few more euros.

McDonald's didn't mention any immediate plans to make touch-screen ordering and payment more widespread in the United States.  But if it's successful in Europe, it won't be long before U.S. consumers find themselves reading or talking to a screen.

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