5G iPhones may become payment terminals in Verizon-Mastercard project

Mastercard is working with Verizon to come up with ways to improve contactless payments in the United States by leveraging 5G, a partnership that could help small businesses by turning the iPhone into an accessible payment terminal.

Announced on Tuesday, the partnership with have the two companies working together on 5G-enabled contactless payments. While leaning towards assisting consumers, the project will also focus on improving the payments for small and medium-sized businesses.As part of the collaboration, which hopes to offer results by 2023, the companies will try to employ emerging payment systems to turn smartphones and mobile devices into payment terminals, and allow wearables to make payments, reports CNBC.

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