Verizon Business, Mastercard to explore payment innovations
Demonstrating even more ways that telcos can monetise and capitalise on their 5G networks, Verizon Business has collaborated with Mastercard to explore new technology for global payments and commerce.
With work conducted at Mastercard’s New York City Tech Hub, Verizon will offer its expertise on 5G and mobile edge computing technology to co-develop use cases.
Work will include combining 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 small and mid-sized enterprises (SMEs) with "hyper-automated and immersive commerce experiences".
“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.”
The two outlined five use cases for their collaboration, concerning end-user experience and SME capabilities.
One use case involves enabling smartphones – and IoT connected devices – to accept payments by using Verizon 5G, while another is "touchless retail" experiences, which will include bolstering Mastercard's retail technology with Verizon 5G and Mobile Edge Computing to reduce the hardware requirements for autonomous in-store checkouts, as well as voice ordering.
Personalised consumer shopping experiences and digitalised billing for Verizon customers are also on the cards.
Linda Kirkpatrick, president, North America at Mastercard, said: “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.
“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.”