Verizon Business and Mastercard Partner to Bring 5G to the Global Payments Industry

Rhea-AI Summary

Verizon Business and Mastercard have announced a strategic partnership aimed at transforming the global payments and commerce landscape. The collaboration will leverage Verizon's 5G connectivity and Mastercard's extensive payment network to create innovative solutions such as contactless shopping and autonomous checkout. Key initiatives include enabling connected devices for seamless payments, enhancing retail experiences, and empowering small businesses with digital tools. The partnership aims to drive efficiencies and improve customer engagement across various industries.

Positive

• Strategic partnership with Mastercard expected to drive innovation in payments and commerce.
• Integration of 5G and Mobile Edge Computing is set to enhance retail experiences.
• Collaboration will promote contactless payment solutions and empower small businesses.

Negative

• None.

What you need to know:

• Harnessing Verizon’s 5G connectivity and the power of the Mastercard network, Verizon Business and Mastercard will work closely to innovate the future of payments and commerce.
• Companies will work together to deliver solutions such as immersive retail technology, compelling point-of-sale experiences, and digital capabilities for small and medium businesses (SMBs).

BASKING RIDGE, N.J. and PURCHASE, N.Y., July 13, 2021 (GLOBE NEWSWIRE) -- 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 Mastercard
Mastercard 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

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at https://www.verizon.com/about/media-center. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Media contact:
Kyle Ragonese
kyle.ragonese@verizon.com
732.236.3526
@KyleRagonese

Biz Cozine
Biz.Cozine@mastercard.com
914.414.1876 

FAQ

What is the Verizon and Mastercard partnership about?

Verizon and Mastercard's partnership focuses on creating innovative payment solutions and enhancing commerce experiences through the integration of Verizon's 5G technology and Mastercard's payment network.

How will the partnership benefit small businesses?

The partnership aims to empower small businesses by providing digital readiness tools and access to industry best practices through Mastercard's Digital Doors curriculum.

What technologies are being leveraged in the Verizon and Mastercard collaboration?

The collaboration will leverage Verizon's 5G connectivity and Mobile Edge Computing alongside Mastercard's payment technologies to enhance retail and payment solutions.

When was the Verizon and Mastercard partnership announced?

The partnership was announced on July 13, 2021.

How will the partnership improve customer payment experiences?

The partnership will streamline bill payments using Mastercard’s Bill Pay Exchange, enhancing communication between consumers and billers and optimizing the payment process.