Mastercard (MA) - Get Mastercard Inc. (MA) Report and Verizon (VZ) - Get Verizon Communications Inc. Report have partnered to bring 5G to the global payments industry.
The two companies made the announcement on Tuesday. Verizon said that the partnership will drive transformational solutions for the global payments and commerce ecosystem.
“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 of Mastercard-North America.
"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."
Some of the initiatives of the partnership include:
- Enabling smartphones or connected devices to seamlessly accept payment
- Unlocking touchless retail shopping experiences
- Creating new ways to consume physical and digital goods
- Empowering small business digital readiness
- Enhancing the bill pay experience for Verizon customers