Mastercard Debuts NextGen Contactless Technology for Quantum World
Mastercard has announced that it is applying the latest quantum-resistant technologies to develop the next generation of contactless payments. The new Enhanced Contactless (Ecos) specifications will help ensure that contactless payments keep up as new technologies like quantum computing are introduced.
The demand for faster, more convenient, safe and now cleaner ways to pay has driven the transition to contactless and this trend will only continue to grow. mastercard says in the press release that in third quarter of 2020, contactless penetration represented 41% of in-person purchase transactions globally, up 30% from a year ago.
“Contactless is the present and future of in-person payments,” said Ajay Bhalla, president, Cyber & Intelligence at Mastercard. “2020 brought with it a rapid acceleration of digitization and reinforced the importance of digital solutions – like contactless – to help meet our everyday needs. As the ecosystem continues to evolve, more connected devices and the Internet of Things are going to create more user demand and an even greater need for constant innovation to build next-generation capability, helping to ensure that technology never outpaces trust.”
With Ecos, consumers, merchants and financial institutions will benefit from:
- Enhanced Convenience – Over time, we envision that the in-store shopping experience will become increasingly contactless-only. These new specifications will help ensure any device truly can be a payment device, while eliminating the need for a backup swipe or dip of a card.
- Enhanced Trust – Ecos leverages new, quantum-resistant technology to deliver next-generation algorithms and cryptographic key strengths while keeping the contactless interaction under half a second.
- Enhanced Privacy – The new specifications deliver advanced protection when account information is shared between the card or digital wallet and the checkout terminal. Ecos builds on the increased requirements to support various privacy regulations.