Verizon and Mastercard partner on 5G contactless payments

KEY POINTS:

• Harnessing Verizon’s 5G connectivity and the power of the Mastercard network, the two companies said they will work closely to innovate the future of payments and commerce.
• The companies are expected to deliver such solutions such as immersive retail technology, compelling point-of-sale experiences and digital capabilities for small and medium businesses.

Verizon Business and Mastercard today announced a strategic partnership expected to drive transformational solutions for the global payments and commerce ecosystem.

From contactless shopping and autonomous checkout technology to points-of-sale in the cloud, Mastercard and Verizon Business said they will collaborate to on scalable solutions that drive payments forward for consumers and businesses/

The collaboration seeks to unlock Internet of Things sensor connectivity with near real-time edge computing to power the fintech, payments and banking industries, arming small business with automated and immersive commerce experiences. This includes:

• Enabling smartphones or connected devices to seamlessly accept payment. Mastercard’s commitment to delivering contactless payments at scale will be coupled with Verizon 5G to turn certain connected devices into commerce-enabled devices. This includes Tap on Phone, which allows any business to deliver new and best-in-class contactless consumer experiences by turning qualifying smartphones into acceptance devices.
• Unlocking touchless retail shopping experiences. Verizon 5G and Mobile Edge Computing will be integrated with Mastercard’s retail technology solutions to reduce hardware requirements for autonomous checkout in-store, with a goal of faster deployments and new use cases, such as mobile updates, voice and video ordering, and more.
• Creating new ways to consume physical and digital goods. Verizon and Mastercard will collaborate to create a digitally motivated network that allows both firms to insert new, innovative solutions that can entice further personalized consumer shopping experiences. This includes potential use cases such as access control for unattended retail stores and home door lock.
• Empowering small business digital readiness. Verizon and Mastercard will continue to explore ways that 5G mobility, business internet and near real-time edge computing can provide real time access to industry best practices customized for SMBs through Mastercard’s Digital Door curriculum, helping businesses drive greater efficiencies and effectiveness in their online operations to meet customer needs.
• Enhancing the bill pay experience for Verizon customers. Verizon will tap Mastercard’s Bill Pay Exchange real-time messaging network to enable enhanced, immediate communication between consumers and billers. Bill Pay Exchange will allow Verizon to streamline bills paid through digital banking channels, digitize paper bills and deliver a mobile-first solution, reducing costs and enhancing the payment experience for Verizon customers. Verizon will also leverage technology from Ethoca, a Mastercard company, to quickly identify and resolve fraud.

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

At Mastercard’s New York City tech hub in the Flatiron District, payments duo will test and embed 5G to accelerate the pace of innovation and collaboration.

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

Learn more about Verizon’s 5G technology.