Verizon Business and Mastercard entered a strategic partnership expected to drive transformational products for the global payments and commerce ecosystem.
From contactless shopping and autonomous checkout technology to Cloud Point of Sale (POS) products, Mastercard and Verizon Business will collaborate to deliver scalable innovations that 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, unlocking touchless retail shopping experiences, creating new ways to consume physical and digital goods, empowering small business digital readiness and enhancing the bill pay experience for Verizon customers.
Mastercard expects to use Verizon 5G services to turn certain connected devices into commerce-enabled devices. This includes Tap on Phone, which allows any business to deliver contactless consumer experiences by turning qualifying smartphones into acceptance devices.
They will also explore 5G Mobile Edge Computing for Mastercard’s retail technology. This is expected to reduce hardware requirements for autonomous checkout in-store, with a goal of faster deployments and new use cases, such as mobile updates, and voice and video ordering.
Verizon meanwhile plans to tap Mastercard’s Bill Pay Exchange, a 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 help identify and resolve fraud