A Verizon-Mastercard partnership is on the horizon as the companies aim to work on boosting the whole 5G contactless payment tech. With the extreme cautiousness that individuals have been practicing throughout 2020 up to today due to the pandemic, the new Verizon-Mastercard partnership is looking for a solution.
Verizon-Mastercard Partnership to Produce Results in 2023
Both Verizon and Mastercard announce their plan to work together on “transformational” financial technologies. The companies told CNBC that they now hope their brand new partnership will be producing results this coming 2023.
One of the major main areas that the two companies plan to work on together is contactless payments. This is specifically found in the field that they want to push Mastercard’s simple “Tap on Phone” platform. This will allow compatible mobile devices to simply double as point of sales terminals that can simply process NFC payments.
Verizon on 5G and Its Effects on the Business
Among some other things the two companies plan to explore are other technologies that could make it much easier for businesses to add some sort of touchless payment system to their stores. Naturally, 5G is expected to play a huge and significant role in all of the solutions that both Verizon and Mastercard already have in mind. Verizon had also previously deleted a Tweet that stated 5G could affect the phone’s battery life.
Hans Vestberg, the CEO of Verizon, gave a statement to CNBC noting that 5G will help enable the small as well as the medium business to handle transactions more quickly and also focus on what they are really trying to deliver to their customers. Michael Miebach, the Mastercard CEO, on the other hand, told the outlet that the company expects both small and medium sized businesses to represent the largest area of growth for the potential 5G contactless payments, according to the story by Engadget.
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Verizon Spent $45.4 Billion on 5G
As for Verizon’s reported stake in all of this, the company currently has a lot that is now riding on the success of its own 5G rollout. The company spent a whopping $45.4 billion, which is more than both AT$T and T-Mobile combined, in the most recent Federal Communications Commission’s own C-band auction in order to secure itself a mid-band spectrum as possible.
Quite incidentally, 2023 is when the carrier expects its own 5G network to be able to provide coverage to a whopping 175 million people all across the US. As of the moment, users of verizon can only wait for the fruits of the partnership between Verizon and Mastercard to finally show next 2023.
The results are expected to come in 2023 but for now, individuals might not be able to experience a sudden change in how Verizon or Mastercard functions. The two companies are still preparing for their partnerships so no immediate changes, updates, or new features could come any time soon.
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Written by Urian B.
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