05/23/2019

5G’s Impact on Payments

Please read this article from OSAE Member Infintech

In today’s 4G world, many everyday tasks, like turning on lights or starting the ignition, are now done remotely because homes and cars are connected. Fingerprints and faces are replacing passwords. And all of that is done with just a small percentage of the connectivity available.

Imagine the possibilities with the Internet of Things (IoT) gaining momentum, driven by fifth-generation mobile networks (5G). These super-fast, super-efficient, high-capacity networks are poised to improve how people connect with machines and how machines connect with other machines. With this growing connectivity, 5G has the potential to change the world where commerce is conducted across devices — devices that will increasingly do things automatically for consumers.

5G Helps Shape Payments

In the short term, Mastercard is already working with public transit companies to enable commuters to use their mobile devices to pay, lowering costs of paper tickets, ticket machine upkeep and fare collection. With 5G, transit providers can also collect and read critical information in real time to improve service, including increased efficiencies for buses and ridership.

Please select this link to read the complete blog post from Infintech.