FinTech: Mastercard And Verizon To Collaborate On 5G Contactless Payments

July 13, 2021 | FinTech, News

At Mastercard’s New York City Tech Hub, located in the Flatiron District, the two companies will test and embed 5G to accelerate the pace of innovation and collaboration for global payments and e-commerce.

Mastercard (NYSE: MA) and Verizon Communications (NYSE: VZ) announced today a partnership to combine their card network and 5G connectivity in innovative solutions such as contactless shopping, autonomous checkouts, Cloud POS and Internet of Things (IoT). (Mastercard Newsroom)

The strategic tieup will address both global consumers, as well as small and medium businesses (SMBs). In addition, Verizon will get access to Mastercard’s Bill Pay Exchange real-time messaging network to enable enhanced, immediate communication and an enhanced payment experience for its customers.

Verizon will also utilize Mastercard company Ethoca’s technology to detect and fix fraud.

Transformational change using a global card network and 5G connectivity

“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,” said Sampath Sowmyanarayan, CRO, Verizon Business.

Among the innovations planned by the two companies are:

  • Using smartphones and other connected devices as commerce enabled devices that function as point-of-sale acceptance solutions
  • Enabling autonomous checkout in-store with reduced hardware requirements
  • The creation of a digital network to enable innovative solutions for personalizing consumer shopping
  • For small businesses, deploying 5G mobility, business internet and near real-time edge computing to help them meet customer needs with more efficient and effective online operations.

“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,” said Linda Kirkpatrick, president, North America at Mastercard.

Related Story:  Mastercard And India’s Razorpay Team Up To Help Digitize MSMEs                                                  

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