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Fintech & Ecommerce

Mastercard enters into partnership to bring 5G to payments industry

Jul 14, 2021

Together, Mastercard and Verizon plan to explore 5G and Mobile Edge Computing technology and use cases

Mastercard

Mastercard enters into partnership to bring 5G to payments industry. Source: pixabay.com

Verizon Business and Mastercard have announced a partnership expected to drive transformational solutions for the global payments and commerce ecosystem.

From contactless shopping and autonomous checkout technology to Cloud 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 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.

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. 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
Sampath Sowmyanarayan, CRO, Verizon Business

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.

We’ve reported that the UAE Central bank is looking to launch virtual currency.

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Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.