Verizon and Mastercard this week announced a partnership that will integrate 5G connectivity into payments, unlocking what the companies said will be new capabilities for consumers and merchants.
Some of the functionality the partnership could enable includes the ability for businesses to turn smartphones and other connected devices into acceptance devices, the reduction of hardware necessary for cashierless checkout and empowering digital readiness for small businesses.
“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.”
The companies said they will begin testing new functionality at Mastercard’s Tech Hub located in New York City.