Advanced technology enhances security and convenience
The protections and purchasing power of contactless payments took a step forward as Mastercard announced the approval of the first cards for issuers that are compatible with the new EMVCo® contactless specifications designed to protect against attacks from both traditional and quantum computers.
Quantum computing, which uses principles of quantum physics to solve complex problems exponentially faster than today’s supercomputers, holds great promise but also risk – bad actors could harness quantum computing to break the encryption that protects key systems. Though that possibility is likely years away, Mastercard experts have long been exploring the potential impact of quantum computing, and in January 2021 the company introduced quantum-resistant Enhanced Contactless specifications.
Since then, the company has worked with EMVCo to help evolve the innovation into an industry standard for contactless acceptance that provides the best protection for the industry, businesses and consumers while offering the same speed and convenience of today’s contactless payment experience.