Verizon Business and Mastercard Partner to Bring 5G to the Global Payments Industry
What would you like to know:
- Harnessing Verizon’s 5G connectivity and the power of the Mastercard network, Verizon Business and Mastercard will work closely together to innovate the future of payments and commerce.
- The companies will work together to deliver solutions like immersive retail technology, compelling point-of-sale experiences, and digital capabilities for small and medium-sized businesses (SMEs).
BASKING RIDGE, NJ and ACHAT, NY – Verizon Business and Mastercard today announced a strategic partnership that is expected to lead to transformational solutions for the global payments and commerce ecosystem. From contactless shopping and standalone payment technology to Cloud Point of Sale (POS) solutions, Mastercard and Verizon Business will collaborate to deliver scalable innovations that advance the industry and create new experiences for consumers and businesses.
Verizon and Mastercard will work closely to unlock Internet of Things (IoT) sensor connectivity with advanced near real-time computing to power the fintech, payments and banking industries, in addition to working to equip SMEs with hyper-automated and immersive business experiences. This includes:
Allow smartphones or connected devices to accept payments in full transparency: Mastercard’s commitment to providing large-scale contactless payments will be coupled with Verizon 5G to turn certain connected devices into commerce-enabled devices. This includes Tap Phone, which enables any business to deliver premier new contactless consumer experiences by turning eligible smartphones into acceptance devices.
Unlock contactless shopping experiences: Verizon 5G and Mobile Edge Computing will be integrated with Mastercard’s retail technology solutions to reduce hardware requirements for in-store standalone payment, with the goal of faster deployments and new use cases, such as updates mobile, voice and video commands, and more.
Create new ways of consuming physical and digital goods: Verizon and Mastercard will work together to create a digitally-driven network that will allow the two companies to insert innovative new solutions that can inspire consumers to have more personalized shopping experiences. This includes potential use cases such as access control for unattended retail stores and the home door lock.
Strengthening the digital readiness of small businesses: Verizon and Mastercard will continue to explore ways in which 5G mobility, enterprise internet, and advanced near real-time computing can provide real-time access to customized industry best practices for SMBs through Mastercard’s digital doorsMT program, helping businesses increase their efficiency and effectiveness in their online operations to meet customer needs.
Improve the bill payment experience for Verizon customers: Verizon will use Mastercard Bill Payment Exchange ™ real-time messaging network to enable improved and immediate communication between consumers and billers. Bill Pay Exchange will enable Verizon to streamline invoices paid through digital banking channels, digitize paper invoices and deliver a mobile-first solution, reducing costs and improving the payment experience for Verizon customers. Verizon will also take advantage of the technology of Ethoca, a Mastercard company, to quickly identify and resolve fraud.
“Business needs and consumer demands are constantly fluctuating. Critical to long-term success are the ability to remain agile and align with strategic financial and payments partners who have the tools and capabilities to move industries forward, ”said Sampath Sowmyanarayan, CRO, Verizon Business. “Coupling Verizon’s leading global IP network and transformative 5G technology with Mastercard’s deep industry expertise, industry-leading services and solutions, and a strong commitment to innovate, is a partnership that aligns perfectly with this. that we strive to achieve at Verizon and that can create a game-changing solutions.
At Mastercard’s New York City Tech Hub, located in the Flatiron District, Mastercard and Verizon will test and integrate 5G to accelerate the pace of innovation and collaboration. Together, Mastercard and Verizon plan to explore 5G and Mobile Edge Computing technology and use cases, while improving the overall experience for Mastercard employees.
“Emerging technologies such as 5G and Mobile Edge Computing will undoubtedly reshape the way we interact with each other, making it all the more critical that these exchanges – especially payments – are trustworthy. and anticipate further changes, ”said Linda Kirkpatrick, President, North America at Mastercard. “Through this collaboration, the Mastercard and Verizon 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.