Verizon Business and Mastercard Partner to Bring 5G to the Global Payments Industry
13 Julio 2021 - 8:00AM
Verizon Business and Mastercard today announced a strategic
partnership expected to drive transformational solutions for the
global payments and commerce ecosystem. From contactless shopping
and autonomous checkout technology to Cloud Point of Sale (POS)
solutions, Mastercard and Verizon Business will collaborate to
deliver scalable innovations that drive the industry forward and
create new experiences for consumers and businesses alike.
Verizon and Mastercard 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. This includes:
- Enabling smartphones or connected devices 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.
- Unlocking touchless retail shopping
experiences: Verizon 5G and Mobile Edge Computing will be
integrated with Mastercard’s retail technology solutions to reduce
hardware requirements for autonomous checkout in-store, with a goal
of faster deployments and new use cases, such as mobile updates,
voice and video ordering, and more.
- Creating new ways to consume physical and digital
goods: Verizon and Mastercard will collaborate to create a
digitally motivated network that allows both firms to insert new,
innovative solutions that can entice further personalized consumer
shopping experiences. This includes potential use cases such as
access control for unattended retail stores and home door
lock.
- 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 customized for
SMBs through Mastercard’s Digital Doors™ curriculum, helping
businesses drive greater efficiencies and effectiveness in their
online operations to meet customer needs.
- Enhancing the bill pay experience for Verizon
customers: 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, digitize 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.
“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.”
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.
“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.”
Learn more about Verizon’s 5G technology.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on
June 30, 2000 and is one of the world’s leading providers of
technology, communications, information and entertainment products
and services. Headquartered in New York City and with a presence
around the world, Verizon generated revenues of $128.3 billion in
2020. The company offers data, video and voice services and
solutions on its award-winning networks and platforms, delivering
on customers’ demand for mobility, reliable network connectivity,
security and control.
About MastercardMastercard is a global
technology company in the payments industry. Our mission is to
connect and power an inclusive, digital economy that benefits
everyone, everywhere by making transactions safe, simple, smart and
accessible. Using secure data and networks, partnerships and
passion, our innovations and solutions help individuals, financial
institutions, governments and businesses realize their greatest
potential. Our decency quotient, or DQ, drives our culture and
everything we do inside and outside of our company. With
connections across more than 210 countries and territories, we are
building a sustainable world that unlocks priceless possibilities
for all.www.mastercard.com
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Media contact: Kyle
Ragonesekyle.ragonese@verizon.com732.236.3526@KyleRagonese
Biz CozineBiz.Cozine@mastercard.com914.414.1876
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