August 12, 2022
Verizon Business signs 5G contactless payments deal with Mastercard

Verizon Business on Tuesday signed an agreement with MasterCard to use 5G and wireless technology for contactless payments and to provide an autonomous checkout service for retail stores.

Telecom operators like Verizon are trying to expand into new businesses ranging from robotics to fintech companies that they think will benefit from the adoption of 5G technology.

The Verizon Business tie-up with MasterCard aims to use 5G smartphones and Near-Field Communication (NFC) technology for merchants to accept customer payments without the need for point-of-sale (POS) terminals.

The companies plan to use computer vision technology and cloud computing to provide automatic checkout at unattended retail stores, similar to what Amazon has done in Go stores.

The Go concept hasn’t been widely adopted, with only 29 stores so far, which Verizon Business revenue head Swaminarayan Sampath attributed to the high cost involved in implementing the technology needed.

While the Verizon business aims to bring down such costs significantly, Sampath says, the company is also working with retail technology specialist AIFI to use computer vision and artificial intelligence to create autonomous shopping experiences.

“Between Mastercard, AIFI and us, we have everything we need,” Sampath said without disclosing any financial details.

He did not indicate when the technology would be available to traders, but he did say that “the majority of the action will take place in North America”.

© Thomson Reuters 2021

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