Stefan Mileschin

Mastercard and Verizon (Engadget’s parent company) say they plan to work together on “transformational” financial technologies. The companies told CNBC they hope their new partnership starts producing results by 2023. One of the main areas they plan to work on is contactless payments. Specifically, they want to push Mastercard’s Tap on Phone platform, which allows compatible mobile devices to double as point of sale terminals that can process NFC payments. Among other things the two plan to explore are technologies that will make it easier for businesses to add touchless payment systems to their stores.

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