Verizon Business and Mastercard partner to drive transformational change in the global payments industry

By Pavithra R

Verizon Business and Mastercard announced entering into a strategic partnership to drive transformational solutions for the global payments and commerce ecosystem.

From contactless shopping and autonomous checkout technology to Cloud Point of Sale (POS) solutions, Mastercard and Verizon Business will work together to deliver scalable innovations that drive the industry forward and create new experiences for consumers and businesses alike.

“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,” said Sampath Sowmyanarayan, CRO, Verizon Business. 

Both Verizon and Mastercard will collaborate 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,
• Creating new ways to consume physical and digital goods, and 
• Enhancing the bill pay experience for Verizon customers

At Mastercard’s New York City Tech Hub, located in the Flatiron District, Mastercard and Verizon will test and embed 5G to accelerate innovation pace and collaboration. Together the companies will explore 5G and Mobile Edge Computing technology and use cases while also enhance the overall experience for Mastercard employees.

“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. 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,” said Linda Kirkpatrick, president, North America at Mastercard.