Verizon Business and Mastercard are collaborating to innovate around 5G and further digitize consumer spending.
The two companies are working together enable seamless 5G mobile payment and shopping and other connected experiences. The efforts will include Tap on Phone, which enables qualifying smartphones to accept contactless payment.
In addition, Verizon will integrate its 5G and mobile edge computing with Mastercard’s retail technology solutions to reduce hardware requirements for autonomous checkout in-store. The ultimate goal of this integration is faster deployments and new use cases, such as mobile updates, as well as voice and video ordering.
Verizon and Mastercard will also work to create a digitally motivated network that allows both firms to insert new solutions that can support further personalized consumer shopping experiences, such as access control for unattended retail stores and home door lock.
In addition, Verizon will leverage 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, with the intent of reducing costs and enhancing the payment experience for its customers. Verizon will also leverage technology from Ethoca, a Mastercard company, to more quickly identify and resolve fraud.
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 pilot 5G and mobile edge computing technology and use cases, while also enhancing the overall experience for Mastercard employees.
“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, chief revenue officer, 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.”
“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.”