Benzinga | Jul 13, 2021 12:33PM EDT

Verizon, Mastercard Partner To Integrate 5G To Payments Industry

* Verizon Communications Inc (NYSE:VZ) and Mastercard Inc (NYSE:MA) collaborated to deliver scalable innovations from contactless shopping and autonomous checkout technology to Cloud Point of Sale (POS) solutions.

* Verizon and Mastercard aim to unlock Internet of Things (IoT) sensor connectivity with near real-time edge computing to power the fintech, payments, banking industries and arm small and medium businesses (SMBs) with hyper-automated and immersive commerce experiences.

* Mastercard and Verizon will test and embed 5G at Mastercard's New York City Tech Hub in the Flatiron District.

* Coupling Verizon's leading global IP network and transformative 5G technology with Mastercard's deep industry expertise, services, and solutions can create game-changing solutions, Verizon CRO Sampath Sowmyanarayan said.

* Emerging technology like 5G and Mobile Edge Computing will make it more critical for the exchanges, particularly payments, to be trusted and anticipate further changes, Mastercard President Linda Kirkpatrick said.

* Mastercard and Verizon intend to explore 5G and Mobile Edge Computing technology and use cases while also enhancing the overall experience for Mastercard employees.

* Price action: MA shares traded higher by 2.43% at $384.69 on the last check Tuesday.