Verizon and Mastercard have announced a new partnership that aims to bring contactless payment solutions to all 5G enabled devices. The new partnership would help small and medium sized businesses to accept and make payments more effortlessly.
The news was reported by CNBC. The two companies “hope to have some innovations from the partnership by 2023”. The new technology would allow businesses to use a number of new payment technologies to effectively turn smartphones and potentially smart wearables into cash registers.
At this moment, it is unlikely that this new technology would be accepted or supported on Apple devices, but a future partnership including Apple is possible. As it stands right now, this will most likely be only supported on Android devices and those payment processors who sign up to support the service. It’s also a little bit vague on how exactly 5G will help with these payments, but it’s clear that 5G will become the new standard in the next few years as it reaches even more markets and regions around the world.
“A large retailer can easily do this. A small business, how are they going to do it? That’s exactly what this will bring; 5G allows us to deliver the full experience,” Mastercard CEO Michael Miebach first told CNBC, ahead of the announcement. “For example, I choose an item in a shop, but actually they don’t have the color I like. So I’m going to have it sent home, and it is going to be paid once it arrives, all of that is coming together and we with 5G will be enabling this.”
What are your thoughts about the new payment technology plans, set out by the new partnership between Verizon and Mastercard? Let us know in the comments!