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Mastercard, Verizon Team on Global-Payments Technology

Mastercard and Verizon are collaborating on technology for global-payments systems.

Shares of Mastercard  (MA) - Get Report were higher on Tuesday after the credit card issuer said it partnered with mobile carrier Verizon (VZ) - Get Report on global-payments technology.

Terms weren't disclosed.

Mastercard will combine its own network with Verizon's 5G connectivity to drive solutions for the global-payments and commerce ecosystem. 

The two companies plan to innovate in in contactless shopping and autonomous checkout technology.

They also plan to work on internet-of-things sensor connectivity to help power fintech, payments and banking. 

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At last check Mastercard shares were 2.3% higher at $384.13 while Verizon ticked up 0.1% to $56.22. 

In late April, Mastercard reported first-quarter earnings that topped analysts estimates. 

Mastercard reported net income of $1.8 billion, or $1.83 a share, up from $1.7 billion, or $1.68 a share, a year earlier. The latest adjusted earnings came to $1.74 a share, surpassing the FactSet analyst consensus of $1.58 a share.

Net revenue totaled $4.2 billion, up from $4 billion. Analysts had forecast $4 billion in revenue.

Mastercard said during a conference call that it planned to invest more in data and cybersecurity products and increase spending on advertising and marketing, according to Bloomberg.