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Chiro Aikat
Executive Vice President, North America Product and Engineering at Mastercard
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DealBook Online Summit 2021
November 10, 2021, Online
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5G and the Future of Commerce
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About the talk

Digital payments skyrocketed during the Covid-19 pandemic, accelerating latent trends toward scalable innovations that increase purchase speed and efficiency. With the advent of 5G, automated payments from machine to machine will fundamentally reshape transactions, opening up new possibilities for both vendors and consumers. Moderated by Christina Warren.

About speakers

Chiro Aikat
Executive Vice President, North America Product and Engineering at Mastercard
Sowmyanarayan Sampath
Chief Revenue Officer at Verizon

Experienced Executive with a demonstrated history of working in the information technology and services industry. Strong information technology professional skilled in Payment Cards, E-payments, Payments, Mobile Payments, and EMV.

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Sampath Sowmyanarayan is the Chief Revenue Officer for Verizon Business, charged with accelerating growth and reimagining the future of the enterprise for Verizon and its global customers. Sampath is responsible for all Verizon Business’ revenues (~$32B), go to market, business development and client satisfaction worldwide across the four business units (Global Enterprise, Business Markets, Public Sector and Wholesale). Additionally he is responsible for marketing, digital, customer experience and business transformation. Sampath is known for his ability to forge deep global partnerships that unlock a wide range of transformative applications and leverage the advanced capabilities of Verizon’s global networks, managed services, business communications, security, Internet of Things, and professional services solutions. Prior to his current role, he served as President of Global Enterprise for Verizon Business, where he led a global team focused on delivering solutions to enable enterprise customers - including 99% of the Fortune 500 – to securely connect to the global economy and intelligently manage business interactions and operations in real-time. Before coming to Verizon Business, he served as Chief Financial Officer and Head of Strategy and Transformation at Verizon Media, a global business reaching ~900M people monthly.

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Hi everyone, and welcome to this session about 5G and mobile payments. I'm Christina Warren. And I'm honored to be here to facilitate a conversation between two great individuals, you know, it's not about the space sampath, who is the chief Revenue officer at Verizon. And I, he's charged with accelerating growth and reimagining, the future of the Enterprise for Verizon and its Global customers. I'm off to join by Shero, who is the vice president of product Innovations? At MasterCard, in North America, and management of massacres

digital products, which include MasterCard digital, enable missed and personal payments, and Labs. So, exploded over the last 20 months or so, so I'm really excited to dig into some ways that are really taking off, and what the future is, but I want to start. Explains a lot outside. It's been a big buzzword, especially over the last year. What is the difference between 5G and 40? 5G is something we've never seen before 5 G's not 4G done faster. It's definitely faster than a question about it. But there are some other attributes that 5G bring that

has never been bought before. So for example, if you click on something, it happens are very low power consumption, high-reliability density of number of devices. You can have in a square mile of currencies. So they ate currencies that 5G brings that you have never happened before. 40 had one currency, which was speed. Now with 58 currencies and unlimited possibilities on what you can do with them. I'll talk to you a little bit about beer. 5G is available and what the expansion plans are for 5G. Going forward

with the Nationwide. I will cost like Verizon more but it's available quite proudly wear something, cuz 5G ultra-wideband speed of 5G available in the most open car doors in almost fifty all cities, but we are expanding that. By the end of this year. We'll have it almost in one third of the country. And by next year, a good portion of the country. So this is the perfect time. We have the network and we have devices something that's never happened before. And you know, the

same time in Fuji was being rolled out of a user's using 4G LTE. Same time now in 5G 25%. So this is by far the fastest technology rollout we've ever seen and you can see I'm so excited about that. Use the ultra wideband. It's just a fantastic experience and I'm excited about that coming to more more places. I want to ask you. What is the product of 5 G in the space? You know, me is the foundation that drives innovation of the payments based. So when somebody talks about speed in the reduction in late and see that

enables a lot of different experiences, when are the traditional experience was a for sale used for your wife, a card and you make a purchase but now With technology and the internet of things. And, and and the connected devices penis is hard. And all of those devices. Now, can do payments, think about a world where you can have your refrigerator order your eggs, then that's something I talk about. I've been, I like chocolate ice, please. It's going to be that kind of experience, that makes payments a part of his life style. Part of the

journey is, all filled by this technology to not to speak to bring scale scale in a manner that can go on devices that can be used to power a small businesses that can bring them into the digital era. It, if not only beneficial for concealment. It's beneficial for economy because it's the small businesses are not in the digital space and this technology with scale. Bring them into the space. It's always digging on that little bit more because I think that's interesting. You know, you mentioned like your refrigerator maybe be able to things

for you is the big a patient here at and I will start with you going to be here that may be naturally having to engage. And I do swipe a card or any number of devices by they can automatically works and has here exactly. I've seen this use case before, when we go through the Lincoln Tunnel of Darkness, download for example, a slow walk definitely. But when you walk in your card immediately in the center, picks up your time and it builds up 14 or $15 to your account that has charging for payment is not a New Concept but what

we like about it is the latency and the speed of it. It's so important especially for small businesses today because we have a thesis that one-third of small businesses in America or not. They still connected and another 30% of them have it. Ready for this. 6 out of 10, small businesses are not ready to compete with the large companies. In the world. Famous is one of the biggest things for them, where there is so little friction, when you go to an Amazon or go to Walmart to friction between you go to your local Deli that's got a fair amount of friction. You go to give you a little token in

another triangle ticket you go you wait for it. And then it's $4 $29 note. Oh my goodness, that sandwich is getting cold. So how can you take fiction out of the process whether to machines or small businesses? So that we get excited. I'm putting intelligence in the edge of a network weather for payments weather for fraud management whether he went for a June acacian, the answer comes back. Quickly the minute you put your card in the yes or no. And you move on Cheetos happy too because if they get the payment fees, but the small business is able to fill the transaction quickly. Yeah, and

ensure talk to you a little bit about like from the payment side. What are what are some of the benefits here? It says I'm assuming to meet the things more seamless. Maybe faster, talk to me a little bit about, like, what big benefit is from the payment processors side. Christine. I think you hit the nail on the head. If it's about seamless, experience is today, one payment before they want to be able to be able to shop and do things like installments. They want to be able to use their mobile phones and they like something

they want. They want to know who they are, so they can have more time. How much Instax cry today can be top on phone can be a ponytail for the consumer experience to make a purchase, write the speed, it brings the convenience and Princeton experience things that are on the line. It's it's taking you to the next level of what consumers for them. It's not about technology but that is about experience and for them. It's about convenience is he's without sacrificing Sakura. I'm so this

technology coupled with Innovations are feeling all of those needs, which is why this to me, is one of the biggest things has happened in in, in the face because it will feel All the great things that we are building in the pens base. And an obviously liked consumers, I think is where a lot of it. Anyway, nastily kind of like going and focus on other things. But okay. How is this easier for me? But a small businesses or even larger businesses and retailers. What is this mean? For someone who was a small business, who as true was saying, exactly to go

might have had to have a really big monkey on their counter plugged into a wall and they had to have a direct line for 2 to go to the bank. What is this means the small business out there. Two things. One is you want payments to be integrated in the Floor of a transaction on my favorite Deli order, a sandwich, great pastrami. You come with the order, you can put your payment in. So by the time you check out, you get the sandwich exactly the way you want and payment is already embedded in it. So there's a certain

Speed in your car. Then you have to wait time with us online or offline abandonment happens. So speed. The faster. You can get that the less friction that is the less abandonment and the transaction goes to someone for small businesses in the flow of their operation. They get more digital. This helps them s take time out of the process to immediate impacts for small business and the small businesses have to get digitally smarter. That's it. It's a it's something more important for society, only 50% of the country's employment this with

them. So it's a pretty large group of businesses there. So I think the faucet they can get digitally astute about it. It it's good for everyone in your protector for MasterCard. From the small businesses that you talk to you, where businesses of any side and maybe with what the two potential is for them as if they start to modernize their payment systems. Absolutely out of shares that which was, which was very eye-opening. When the pandemic hit in a 40% of small businesses that went under did not have a digital footprint because they couldn't move fast

enough from the brick-and-mortar ways that they were doing business to a touchless contacted late date. They went under because of that. So that's what them to be to continue to keep up with. The Trend. Digital enablement is huge. Right? But it's more than being able to accept a payment is about access to cash and think about small businesses. The two biggest important thing is getting paid on time and making sure they have the capital to run that business about a plumber that goes into your house and does work for you. How did they

get paid today? He likes to a check either to its to cash or you get an invoice sent to the wrong. It takes time for that small business. To get that payment because they don't have the ability to whip out that says smart device. That can be your terminal. Where is a consumer? Can just swipe the car tapped or use that the band credentials to make the payments. Small businesses, don't have that technology available to get depending on check. Clearing cache or an invoice. Going later on to that service right there in

that. Help them keep the business with the payment Innovation that you're doing with with devices with multi rails house that small business to get paid instantly. And what it does is it gives them the capital. They need to continue to run and expand the business. It's brought the consumer experience. It's important, but it's about getting them, paid getting them access to Capital, which is the the fuel for the small business to Country. Continue to cherish in, in the central part of a Communist party,

start looking at trying to adopt the technology today, but like, realistically, we should be looking at trying to adopt and how they go about adopting this. And then taking this on. Look the two pieces to this one is the Payment Solutions stock and then second is the network, you know, we've got between us and we are really well covered. So, you know that this is not something for contention on the payment solutions that she was going to come and say we

have those payments today, you know, not enough, not fast enough. So that is no time to wait right now to do this because by missing this way about, they going to miss growth. That going to be almost impossible to catch up on. So having a digital presence for small business is the number one thing, that's how they can compete with the large companies. That's how they can compete with the large online. Companies have good digital presence, and then use it because my something locally big companies cannot do that. We are, we know that Verizon is one of the largest companies in the world.

There are many things we can do that small, businesses can do. So, how do you get them the tools and Technology to do that? So the time is now for it and price points have come down significantly because of cloud and stars or do you have these long length expensive deployment? Today you go online. Like if you had a restaurant you go first and then you're all set up and ready before breakfast itself, you know, you want a payment system, you know, you go to Camping Lake Clover and then they got the system side up and can get onto the MasterCard Network easily. So, software-as-a-service Cloud,

migration and broadband and Mobility today. There's no better time than today. Getting at, is that true? The time is there today. It's not about technology access. It's not about infrastructure asset of payment application that we've been working with Apartments, lights, a, and Verizon to bring that to the payment ecosystem expires and are in a multiple different digital Partners to bring devices to bring that technology. So it's that it's available today. Small business. We need to talk. We are doing that with Chambers of Commerce with different states with different

regulators and and and a small businesses to tell them that they need to capitalize on its no longer. That's for us as a as a technology organization as a payment organization with apartment. Drive that on top of mine for small businesses are near term you no presents in. In in in your future. I want to ask you both. What do you see the potential? Maybe five years out? What do you think, might be enabled? Because of 5G. One of the big things we see just almost contiguous with 5G, is the Department of Aging, it works. If you go back into history, you had the mainframes and hand the client-server

architecture. Then you enter the cloud architecture. We're just getting started on edge architecture. What does that mean? You have data, you have another takes your computer sitting at the edge of a network. What does that mean? It could be a store. It could be a town. It could be something in the middle of a sort of it down. So it's at the edge of the network. You need that for low latency, implications of examples of wedding autonomous cars today and you need to make a decision on when to stop. If the data goes back all the way to a centralized data center. 1,800 Mi you hit that

person cuz it takes time for the data to come back. If you want, those data, can be accessed at the edge of the network, same with a robotics in the factory floor, you know, you want the date or sit at the edge of the robots, know where to go and what to do in very real time, bringing 5G and a mobile network together is what create big opportunities. Couple of use cases. We like one is manufacturing robotics. That's one. S is health care. Whether I can you help remote patient, monitoring Assets in the hospital and one third one, which we are very fast in the body's First Responders,

you know, what the ability for First Responders to go into a situation where in near real-time all in real time through a lens or any of the you I have access to all relevant information, for example, of firefighters going in to fire, Yoshi, has access to what are the layout of the buildings, where the pipes, where is the nearest hydrant in real-time on a multiple of three and defense as well, that go with this is obviously not a lot. Do you envision that at that, I'm going to be a virtual reality or whatever you want to call it, you know, buying something and

then immediately. Getting Universal close at a single claim to the usual favorite store and buy a jacket on my mind. Find one first ladies out to my avatar. Is that is that something that can walk into a store? And you know, you are you have a dressing room you in the mirror looking at a dress. I like that for you. Make a payment for that. I r t is exactly what that is. So it's not that we don't know but what I do know is that the spirit says the technology will enable us to bring our technology and Innovation

together to prepare for the future. The same as the one I asked, you know, this is all really excited like thinking about like what the potential of this is what I do. I do need to ask you about what are some of the potential hurdles. I guess. I'm making sure that this technology is rolled out. And if these Solutions in somebody's future of things that were thinking about, and think that she was talking about become a reality, we need to overcome whether it's from a regulatory perspective or a prospective perspective for this to happen

infrastructure at this speed. We need the support of all state, local federal government, you know, whether it's right away getting access to Paul's getting the right zoning infrastructure. I mean, if you do for us to build the site out and can take up to 15 to 19 months to get, we've been working very closely with cities and cities and municipalities do that. But just Having the same thing that we have, which is the faster we can roll out fiber. The faster we can add size, the better. It is for Society at large. So

that's one area. We definitely are making good progress along that, that, that front and is primarily because we bring another Broadband option to local. So that really helps us with local governments in as your lock, fixed wireless access to give you a cent in probably two years time, 15 million households in America with have another Broadband option. It's almost half the countries that start with u. This whole five GMAC. It's never been done before. Verizon was the first cat in the world to roll out 5G. So

check we bought that done. But on the five GMAC, it's a new market and we have to bring the ecosystem to play. So he started carriers, have built most things ourselves. Very clear. We have to enable their ecosystem. Be partnership with Microsoft with Amazon with Cisco with IBM. So if you're a large Enterprises small Enterprise, you can access the best 5G Network or the me to do SparkNotes. You can go to a AWS site today log in with your account and get access to the 5G, make right away. So how do you enable the

ecosystem and its new master for us, you know, for telcos. Historically, we've done things that sells and now how do we build an ecosystem supported? How do we share? The upside in it. I think I want to put it on but it's something we're going to have to work through the third one, which is probably the most exciting is the trillions of dollars of Enterprise Value that's going to be repeated on top 10 years ago was 12 years ago in for Gio's being rolled out. We thought the best use case was Napster network. But of course, you know, you have a

few small companies like Netflix and Facebook and other things of value of Enterprise Value on top of it. So how do you get the ecosystem? The overall, in the VC community and other companies excited about building solutions for the big opportunities to go and do. But, yeah, being responsible for driving this. Those couple of things keep me up at night. Crap is going to be your experience is going to be. I have to imagine to her like you have insights into a lot of pain because you are supposed to be

a lot of things. Do you think that's enough to be able to work with identify? This is starting to really take off. Maybe I like this in and infrastructure in place to really benefit from, from what part of our strategy to is, is to continue to partner with Partners like Verizon, but other spend tax in this market other Technology Innovation company, everybody's looking to innovate in the space. Everybody's trying to figure out how to make that experience for the consumer better and we are working

with all of them to see, how can we bring the powers? And the The acids together to drive that innovation in the scalable Manasota to think about innovation in a different life. And how do we, how do we add a resources? How do we complement our Innovation together to bring something meaningful? There's a lot of innovation happening in the payment space outside. The payments based has been a lot happening. The question is going to be absolutely critical and I see that

all the experience at the minions. Cannot compromise and security. So we have to make sure that the consumer security is Paramount because that's that's that's Table 6. S is going to be. It has to be right and I'm scalable Innovation is going to be really important to me a lot of things that are happening in the pipeline and it's all about making sure it's the right timing. I'm keeping the consumer at the heart and center of that. Otherwise are our secure Networks. I'll start from Alaska to s s a n. I have talked about this last

Thursday there. A lot of things that happen when you look at payment security starting that initiating that action all the way into the end transactions experience. So we have invested a lot. We have very different technologies that complement each other, that start from the way you type on your keyboard, The Strokes that he used, the information that is available to make. Sure Cheryl is who is when you start to log in and start to access your bank account of all make the transaction. There is machine learning all that is happening in the background. That

looks at how I interact with my credentials. Do that. If a box like the type of that spot attacks or anything like that, it can prevent that from happening and give information to my account, my banks on my institution to say, Identification of the companies that we have, but just a quad and partner with the Carter is one of them that brings up a modification to the full front. It's about, you know, machine learning as well. As I do. You know, things that really provide an end-to-end, a consumer safety net

to protect the consumer experience and then in other work, that's a a nest team has gone on, on 5 minutes to bring National Security is going to be fantastic. There's no traffic flows to a network, fortnite and Minecraft. At the wheel on one of the world's largest cybersecurity business is, what we see is almost eight out of 10 things that happened in, you know, in cybersecurity, breaches are driven by money motive, you know, it's not James Bond stuff. It's not James Bond is not nation-states. It's

time to hack into a network to make a simple cuz that's where the money is a second. Also know that, sometimes down to fundamentals and hygiene, you know, your password cannot be password. 1-2-3. I've said this a million worms and everyone Rosemont Horizon. In my eight year old son, and his hygiene change your password off. When a larger companies roll base, Access Control, zero trust architecture. It's not rocket science is literally not rocket science and lost it. It's costing companies billions right now. Back in the day Advance. America Act was a

$5,000 thing. So how do I focus on hygiene and 60% of them have been have happened because of pretty simple thing. Someone clicked on the link that shouldn't have a photo was left empty. Your ass wasn't done so and securities built into the network itself. To get that extra layer of protection. That's why it's a lot more secure than no bueno Republic, Wi-Fi, connection, but we all every one of us for my kids too. Small business large companies. All have a role to play. It's not that tough. No, that's how

good it is important. Well, thank you so much. Both of you for talking with me about this. I'm really excited about what the future is, was above near-term and long-term about 5G, and I appreciate the work that you're both doing. So, thank you so much. Thank you, Christina.

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Chiro Aikat
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