Verizon Business signs 5G contactless payment deal with Mastercard

STOCKHOLM: Verizon Business on Tuesday signed a deal with Mastercard Inc to use 5G and wireless technology for contactless payments and provide an autonomous checkout service for retail stores.

Telecoms operators such as Verizon are seeking to expand into new businesses ranging from robotics to fintech companies that they think will benefit from the growing adoption of 5G technology.

The Verizon Business tie up with Mastercard aims to utilise 5G smartphones and near-field communication (NFC) technology for merchants to accept customer payments without the need for point-of-sale (POS) terminals.