Verizon Announces 5G Partnership for Payments with Mastercard and JPMorgan Chase Outperforms in Second Quarter
This past week two of the largest company’s in both the credit card and communications spaces, respectively, have teamed up.
Verizon is an American wireless network operator. The mobile network previously operated as a separate division of Verizon Communications under the name of Verizon Wireless.
Verizon has recently announced a deal to work with Mastercard to combine 5G and making payments. Specifically, users will be able to make payments in 5G. Teams from both companies will be working at Mastercard’s New York City Tech Hub seeking additional applications for the 5G project.
The partnership, which hopes to produce results by 2023, seeks to further digitize and change global consumer spending at retailers and other merchants.
JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City. JPMorgan Chase is incorporated in Delaware. As a “Bulge Bracket” bank, it is a major provider of various investment banking and financial services. JP Morgan has tradable stock itself as a company and has a solid quarter 2 report.
JPM outperformed analyst expectations across the board this last quarter. Specifically, JPM saw $3.78 earnings per share versus the $3.21 per share estimate in a Refinitiv survey of analysts. On top of that, they beat revenue estimates: $31.4 billion versus the $29.9 billion expectation. JPMorgan dipped 2.6% after the earnings report on Tuesday.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.