Verizon Business and Mastercard are joining forces: The two giants have announced that they plan to advance and yield new digital transformation solutions for the global commerce and payments ecosystem as part of a collaboration. One way they expect to do this is through the introduction of 5G contactless payments.
Offering quicker transaction times, stronger security, and safer in-person exchanges, many have begun to see the tremendous benefits associated with contactless payments. Merging Verizon’s 5G technology and Mastercard’s payment technology, the two companies aim to streamline the payment method even further by leveraging smartphones as mobile payment devices.
Using Tap on Phone, one of Mastercard’s mobile point-of-sale solutions, businesses will be able to receive payments from any contactless card or virtual wallet directly from their NFC-equipped device without the need of a terminal.
Verizon and Mastercard said they are also working to integrate Verizon 5G and Mobile Edge Computing to expedite autonomous checkout efficiency by diminishing hardware requirements. They also hope to bring new features to the service, such as mobile updates and voice and video ordering.
Another way Verizon and Mastercard seek to improve customer transactions is by enhancing bill paying experiences. Tapping into the real-time messaging network provided by Mastercard’s Bill Pay ExchangeTM, Verizon plans to facilitate direct communication between users and their billers. With access to this service, Verizon also expects to optimize the banking channels of digitally paid bills, and provide a mobile optimized solution that will simplify, and bring transparency to consumer bill pay.
“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 of US Issuers at Mastercard, in the company’s press release. “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.”