Verizon Business and Mastercard have announced (opens in new tab) a strategic partnership, which will bring 5G to the global payments industry and is expected to drive transformational solutions for the commerce ecosystem. From contactless shopping and autonomous checkout technology to Cloud Point of Sale (POS) solutions, Mastercard and Verizon Business will collaborate and use 5G technology to deliver scalable innovations that drive the industry forward and create new experiences for consumers and businesses alike.
The two companies will work closely to unlock Internet of Things (IoT) sensor connectivity with near real-time edge computing to power the fintech, payments and banking industries, in addition to working to arm SMBs with hyper-automated and immersive commerce experiences.
“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, Verizon Business. “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,” continued Sowmyanarayan.
Touchless retail shopping
The new partnership will see 5G phones or connected devices being enabled 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,” said Verizon, in a statement.
Integrating Verizon 5G and Mobile Edge Computing with Mastercard’s retail technology solutions will allow the companies to unlock touchless retail shopping experiences. The hardware requirements for autonomous checkout in-store will be reduced, with a goal of faster deployments and new use cases, such as mobile updates, voice and video ordering.
A digitally motivated network
Verizon and Mastercard say they will collaborate to create a digitally motivated network that allows both firms to insert new, innovative solutions that can entice further personalised consumer shopping experiences. This includes potential use cases such as access control for unattended retail stores and home door lock.
When it comes to 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 customised for SMBs through Mastercard’s Digital Doors curriculum, helping businesses drive greater efficiencies and effectiveness in their online operations to meet customer needs.
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, digitise 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.
“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, North America at Mastercard. “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,” continued Kirkpatrick.
At Mastercard’s New York City Tech Hub, located in the Flatiron District, Mastercard and Verizon will test and embed 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 also enhancing the overall experience for Mastercard employees.