Verizon, Mastercard Partner To Integrate 5G To Payments Industry

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Image Credit: Seekingalpha

Mastercard, today announced its partnership with mobile carrier and Verizon Business to deliver advanced technology such as contactless shopping, autonomous checkout, and cloud point of sale solutions to the global payments and commerce ecosystem. 

The new partners said they are aiming to unlock the IoT sensor connectivity with near real-time edge computing to power the fintech, payments, and banking industries, in addition to working to provide small and medium-sized businesses with “hyper-automated and immersive” commerce experiences. The companies will test and embed 5G at the former’s New York City Tech Hub to explore mobile edge computing technology and use cases.

“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.

Coupling Verizon’s leading global IP network and transformative 5G technology with Mastercard’s deep industry expertise, services, and solutions can create game-changing solutions, Verizon CRO Sampath Sowmyanarayan said.

Mastercard had recently invested in India’s Instamojo to boost small business e-commerce.