The partnership expects to deliver transformational solutions for contactless payments, autonomous checkouts, and SMBs digital readiness

credit-card-1730085_640

The partnership will test and embed 5G at Mastercard’s New York City Tech Hub. (Credit: Ahmad Ardity from Pixabay)

Verizon Business has partnered with Mastercard to deliver innovative solutions to the global payments industry with 5G and wireless technology.

By utilising 5G and Mobile Edge Computing technology, the partnership is expected to deliver transformational solutions in the areas of contactless payments, autonomous checkouts, and small business digital readiness.

As part of the collaboration, Mastercard and Verizon will test and embed 5G at Mastercard’s New York City Tech Hub, located in the Flatiron District.

To provide innovative solutions to the fintech, payments and banking industries, the two companies intend to unlock the Internet of Things (IoT) sensor connectivity with near real-time edge computing.

The partnership is also expected to provide hyper-automated and immersive commerce experiences for small and medium businesses (SMBs).

Verizon Business CRO Sampath Sowmyanarayan said: “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.”

Under the partnership, Verizon and Mastercard will offer Tap on Phone that allows businesses to deliver enhanced contactless consumer experiences by turning qualifying smartphones into acceptance devices.

To lessen hardware requirements for autonomous checkout in-store, the partnership will integrate Verizon 5G and Mobile Edge Computing with Mastercard’s retail technology solutions.

The two companies will also work closely to create a digitally motivated network, which will enable them to roll out new, innovative solutions to improve personalised consumer shopping experiences.

Verizon and Mastercard will also focus on studying the ways on how 5G mobility, business internet and near real-time edge computing will be able to provide real-time access to industry best practices customised for SMBs through Mastercard’s Digital DoorsTM curriculum.

In addition, Verizon plans to enable enhanced, immediate communication between consumers and billers, by tapping Mastercard’s Bill Pay Exchange real-time messaging network.