Yesterday, Mastercard and Verizon announced a new partnership focused on 5G contactless payments for individual customers and small- to medium-sized businesses.
The collaboration aims to enable businesses to use newer payment technologies that help to turn smartphones into cash registers, turn smartwatches into payment devices, and even mimic touchless retail similar to the new Amazon Go stores that have opened.
“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 said.
Miebach believes small- and medium-sized businesses will be the biggest growth area for 5G contactless payments and the increased computing power has the potential to grow their businesses.