Verizon and Mastercard partner to bring 5G for Global Payments Industry. Both the brands have announced a strategic partnership which they expect to drive transformational solutions for the global payments and commerce ecosystem. This will help with contactless shopping and autonomous checkout technology to Cloud Point of Sale (POS) solutions, both the brands would collaborate to deliver scalable innovations.
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“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.
Both the brands will work closely to unlock the Internet of Things 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.
Some of the things that are expected to be brought by this partnership are mentioned below-
- 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. 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 order, 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 locks.
- 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 the fraud.
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