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

Described by NASA as a "Walking Encyclopaedia of the Future" and one of the world’s most in demand keynote speakers Matthew Griffin, Founder and Futurist in Chief of the 311 Institute, a global Futures and Deep Futures advisory firm, is a multi-award winning Futurist and strategic foresight expert, author, lecturer, mentor, podcast and YouTube host.

With a distinguished career running global business units at Atos, EMC, and IBM today Matthew helps leaders and titans of industry from all over the world explore the impact of the inter sections of technology, culture, and leadership, then helps them create high performance organisations that can continuously disrupt, outpace, and outthink their competition.

15 times author of the hit series the Codex of the Future series Matthew's ability to identify, track, and explain the impacts of hundreds of emerging technologies and trends on global business, culture, and society has earned him a powerful reputation and a roster of clients that include royal households, world leaders across the G7, G20, and G77, and many of the world's most recognised and exceptional organisations including ABB, Accenture, ABN Amro, Adidas, AON, ARM, BCG, Centrica, Citi Group, Coca Cola, Deloitte, Dentons, Disney, Dow, EY, Google, KPMG, Lego, Microsoft, Legal & General, LinkedIn, Nokia, Paramount, PepsiCo, PWC, Qualcomm, RWE, Samsung, T-Mobile, UBS, Visa, WIRED, WPP and hundreds of others.

Matthew is regularly featured in the global media including the AP, BBC, Bloomberg, CNBC, Discovery, Forbes, Khaleej Times, Telegraph, TIME, ViacomCBS, WIRED, and the WSJ, and his mission is to help organisations create a fair and sustainable future whose benefits are shared by everyone irrespective of their ability, background, or circumstances.