Verizon and Mastercard cooperate and bring 5G to the global payments industry in order to help businesses replace credit card machines with smartphones.
Mastercard said Verizon will help to expand its Tap on Phone initiative, which offers businesses the chance to accept payments using an NFC-enabled smartphone instead of a dedicated terminal.
Verizon aimed to create products which use its 5G network and mobile edge computing (MEC) to reduce the amount of hardware retailers require to deliver self-checkout services.
Mastercard stated that its alliance with Verizon will accelerate an existing programme to help retailers create digital stores.The company’s technology hub in New York City will become a testbed for services employing 5G and MEC.
Verizon’s future goal is to use Mastercard’s technology to streamline bill payments by subscribers, making it easier to pay through digital banking channels, digitise paper invoices and deliver a mobile-first service as well as use Mastercard technology to improve its fraud detection.
In 2020, Verizon introduced a branded Visa card which allows users to earn credit on their bills.