Verizon is teaming up with Mastercard to work on 5G contactless payment technology

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Mastercard and Verizon (parent company of Engadget) say plan to work together on “transformational” financial technologies. The companies said CNBC they hope their new partnership will begin to yield results by 2023. One of the main areas they plan to work on is contactless payments. In particular, they want to push the Mastercard Touch Phone a platform that allows compatible mobile devices to be dual point-of-sale terminals that can process NFC payments. Among other things, the two plan to explore technologies that will make it easier for companies to add contactless payment systems in their shops.

Naturally, 5G will play a significant role in all the solutions that Verizon and Mastercard have in mind. “5G will allow SMEs to handle transactions faster and focus on what they really deliver to customers,” said Verizon CEO Hans Westberg. CNBC. Mastercard CEO Michael Miebach went on to say that the company expects SMEs to represent the largest growth area for 5G contactless payments.

As for Verizon’s role in all of this, the company relies heavily on the success of its 5G launch. That spent $ 45.4 billion, more than AT&T and T-Mobile combined, at the recent Federal Communications Commission’s C-band auction to ensure the widest possible range of mid-range. By the way, 2023 is when the operator expects its 5G network to provide coverage 175 million people across the United States.

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