Verizon and Mastercard are partnering to bring the benefits of 5G to the payments industry.

5G stands poised to revolutionize numerous industries, not the least of which is the financial sector. Like most carriers, Verizon has been moving ahead at full-speed in its efforts to deploy its 5G network.

The two companies plan to use 5G to help “drive transformational solutions for the global payments and commerce ecosystem.” The next-gen wireless technology will help revolutionize new areas of the commerce industry, including contactless payments and autonomous checkout.

In particular, the two companies’ efforts will help advance the use of smartphones for making and accepting payments, providing touchless retail experiences, VR/AR shopping and creating new ways to consume digital content.

“Business needs and consumer demands constantly fluctuate. Critical components of long-term success are the ability to remain agile and align with strategic financial and payments partners that have the tools and capabilities to drive industries forward,” said Sampath Sowmyanarayan, CRO, Verizon Business. “Coupling Verizon’s leading global IP network and transformative 5G technology with Mastercard’s deep industry expertise, leading services and solutions, and a strong commitment to innovate, is a partnership that aligns perfectly with what we are striving to achieve at Verizon and one that can create game-changing solutions.”