Mastercard launch their first quantum computer proof contactless card

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By Matthew Griffin Connected Society 7th May 2023

WHY THIS MATTERS IN BRIEF

Quantum computers could hack 70% of the world’s encryption faster than you can read this article, so our payment cards need to be ready.

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In Q1 2021, Mastercard saw 1 Billion more contactless transactions compared to the same period in 2020. And in Q2 2021 45% of all in person checkout transactions globally were contactless.

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So, to cope with explosion of contactless payments and to manage the security of the ever popular payment method Mastercard have announced that they’ve developed a new type of contactless card that incorporates Quantum Cryptography that’s designed to protect against hacks from current classical computers and future quantum computers.

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The new card uses standards specified by EMVCo known as the EMV Contactless Kernel Specifications which work with all existing payment terminals while also providing higher levels of security that are “future proof and hack proof” according to the company.

When quantum computing technology reaches a point known as quantum supremacy, which many say it’s already passed, where the machines can perform near errorless calculations impossible with even the largest and most powerful supercomputers they’ll be able to crack over 70% of all existing global encryption – meaning specific quantum security will be required. And experts expect thisto be reached by 2025 to 2027,with some experts at IBM believing it’s more like late 2024.

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As a result Mastercard, who’s trying to stay ahead of this tech induced armogedden, says their new card is a “significant milestone that brings quantum-era security and privacy protection to card payments.”

It will also come with next-generation algorithms and cryptographic keys that have been designed to be fast, ensuring a contactless payment happens in under half a second, along with enhanced privacy protections to reduce the amount of account information shared between the consumer device and merchant terminal.

There are predicted to be more than 12.5 Billion contactless payment devices in active use by 2027 and transactions made using these devices will top $10 Trillion globally.

Mastercard says it expects to begin the transition to these new cards at pace in 2023, providing the specifications for various card manufacturers.

Matthew Griffin / About Author

Matthew Griffin, described as “The Adviser behind the Advisers” and a “Young Kurzweil,” is the founder and CEO of the World Futures Forum and the 311 Institute, a global Futures and Deep Futures consultancy working across the next 50 years, and is an award winning futurist, and author of “Codex of the Future” series.

Regularly featured in the global media, including AP, BBC, Bloomberg, CNBC, Discovery, RT, Viacom, and WIRED, Matthew’s ability to identify, track, and explain the impacts of hundreds of revolutionary emerging technologies on global culture, industry and society, is unparalleled. Recognised for the past six years as one of the world’s foremost futurists, innovation and strategy experts Matthew is an international speaker who helps governments, investors, multi-nationals and regulators around the world envision, build and lead an inclusive, sustainable future.

A rare talent Matthew’s recent work includes mentoring Lunar XPrize teams, re-envisioning global education and training with the G20, and helping the world’s largest organisations envision and ideate the future of their products and services, industries, and countries.

Matthew's clients include three Prime Ministers and several governments, including the G7, Accenture, Aon, Bain & Co, BCG, Credit Suisse, Dell EMC, Dentons, Deloitte, E&Y, GEMS, Huawei, JPMorgan Chase, KPMG, Lego, McKinsey, PWC, Qualcomm, SAP, Samsung, Sopra Steria, T-Mobile, and many more.