Verizon Business and Mastercard Inc on Tuesday signed a deal to use 5G and wireless technology for contactless payments and provide an autonomous checkout service for retail stores.
The collaboration aims to utilize 5G smartphones and near-field communication (NFC) technology for merchants to accept customer payments without the need for point-of-sale (POS) terminals.
Both companies are also planning to use computer vision technology and cloud computing to provide automatic checkout at unattended retail stores, similar to what Amazon did with Go stores.
“Emerging technology such as 5G and Mobile Edge Computing will undoubtedly reshape how we interact with each other, making it all the more critical for these exchanges – particularly payments – to be trusted and anticipate further changes,” said Linda Kirkpatrick, president, North America at Mastercard.
“Through this collaboration, Mastercard and Verizon’s platforms, which connect billions of consumers, businesses, banks and governments around the world.”