Mastercard and Verizon are partnering on 5G contactless payments for consumers as well as businesses. The goal is to release a product by 2023 (via CNBC).

5G Contactless Payments

These two companies want to use Verizon’s 5G network to turn certain devices into terminals for contactless payments that businesses can use. This can include smartphones as well as wearables.

One such example is Mastercard’s Tap on iPhone, which lets businesses accept payments from any contactless card or mobile wallet from their NFC-enabled device.

Verizon CEO Hans Vestberg:

We’re bringing the computing and storage of data closer to you as a consumer, that means that you can get hold of a service quicker, it’s going to be more secure because it’s closer to you. Some data has to be very close, some data can be very far away. That can be in any industry, but a very good use is the financial industry, because transactions need to be very secure.

Teams from both companies will work on the project at Mastercard’s tech hub in New York City. Small- and medium-sized businesses will be the ideal target.

Subscribe
Notify of

This site uses Akismet to reduce spam. Learn how your comment data is processed.

0 Comments
Inline Feedbacks
View all comments