Verizon and MasterCard are working together to leverage 5G technology for point-of-sale and other payments options, the companies announced today. The two companies will work together to deliver solutions such as immersive retail technology, compelling point-of-sale experiences, and digital capabilities for small and medium businesses (SMBs).
The payments industry has seen an explosion of options over the last decade as different providers offer different payments solutions, different technologies and different ancillary services (processing, POS machines, etc.). According to an eMarketer report, In-store mobile payment app use will hit a milestone in 2021, reaching 101.2 million among Americans ages 14 and older, following a 29.0% year-over-year increase in 2020.
Since a portion of each payment goes to different payment partners, it’s easy to see why partners such as MasterCard and Verizon would partner to attempt to be the partners of choice.
Early last year, Verizon partnered with Synchrony Bank to offer a co-branded credit card. Synchrony Bank also co-brand’s the Sam’s Club Mastercard.
Verizon will work with MasterCard to develop autonomous checkout technology, cloud POS solutions and other innovations, including:
- Seamless payment acceptance via smartphones or connected devices
- Touchless retail shopping options
- Helping to digitize small businesses
- Enhancing bill payment for Verizon payments
“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,” said Sampath Sowmyanarayan, CRO, Verizon Business, in a prepared statement. “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.”
