Mastercard, Verizon team to introduce 5G to payments market

Mastercard and Verizon Business have entered a strategic partnership aimed at bringing ‘transformational solutions’ to the global payments and commerce industry.

According to Verizon, Mastercard and Verizon Business will collaborate to deliver scalable innovations that can drive the payments and commerce industry forward and create new experience for consumers and businesses alike.

Both companies will work together to bring Internet-of-Things sensor connectivity with close to real-time edge computing to power the FinTech, banking and payments industries.

Verizon highlighted both parties will also work on a number of other experiences, including enabling smartphones or connected devices to seamlessly accept payment. The firm said that Mastercard’s commitment to delivering contactless payments at scale will be coupled with Verizon 5G to turn certain devices into commerce-enabled devices.

This will include Tap on Phone, a service that enables any firm to deliver new and best-in-class contactless consumer experiences by turning qualifying smartphones into acceptance devices.

Furthermore, Verizon 5G and Mobile Edge Computing will be integrated with Mastercard’s retail technology to lower hardware obligations for autonomous checkout in store.

The two businesses will also seek to explore how 5G mobility, near real-time edge computing and business internet can provide real-time access to industry best practices for small and medium sized business.

The strategic partnership will also see both companies collaborate on creating a ‘digitally motivated network’ that will allow both firms to introduce new, innovative solutions to entice personalised consumer shopping experiences.

Verizon also mentioned it will tap Mastercard’s Bill Pay Exchange messaging network to enable quicker and more efficient communication between consumers and billers, helping to streamline bills paid through digital banking channels, deliver a mobile-first solution, reducing costs and digitise paper bills.

Mastercard and Verizon will test and embed 5G at the former’s New York City Tech Hub with the aim of ‘accelerating the pace of innovation and collaboration’.

Mastercard president for North America Linda Kirkpatrick said, “Emerging technology such as 5G and Mobile Edge Computing will undoubtedly reshape how we interact with each other, making it all the more critical for these exchanges – particularly payments – to be trusted and anticipate further changes. Through this collaboration, Mastercard and Verizon’s platforms, which connect billions of consumers, businesses, banks and governments around the world, will be a force in driving transformational change.”

Verizon Business CRO Sampath Sowmyanarayan added, “Business needs and consumer demands constantly fluctuate. Critical components of long-term success are the ability to remain agile and align with strategic financial and payments partners that have the tools and capabilities to drive industries forward.

“Coupling Verizon’s leading global IP network and transformative 5G technology with Mastercard’s deep industry expertise, leading services and solutions, and a strong commitment to innovate, is a partnership that aligns perfectly with what we are striving to achieve at Verizon and one that can create game-changing solutions.”

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