Mastercard launch their first quantum computer proof contactless card
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.
Key takeaways
- In Q1 2021, Mastercard saw 1 Billion more contactless transactions compared to the same period in 2020.
- Mastercard says it expects to begin the transition to these new cards at pace in 2023, providing the specifications for various card manufacturers.
Cite or link to this article
Griffin, M. (2023) 'Mastercard launch their first quantum computer proof contactless card', 311 Institute, 7 May. Available at: https://www.311institute.com/mastercard-launch-their-first-quantum-computer-proof-contactless-card/ (Accessed: 1 October 2026).
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.
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.
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.
FAQ
Why does this matter?
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.
About the author
Matthew Griffin Founder, 311 Institute
Matthew Griffin is a multi-award winning Futurist and expert in Disruption and Innovation, Geopolitics, Leadership, and Technology, who NASA have described as a "walking encyclopaedia of the future" and a "futurist Polymath."
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Matthew Griffin is a multi-award winning Futurist and expert in Disruption and Innovation, Geopolitics, Leadership, and Technology, who NASA have described as a "walking encyclopaedia of the future" and a "futurist Polymath." 15-time best selling author of the "Codex of the Future" series, Matthew is the Founder and Futurist in Chief of the 311 Institute, a global Futures and Deep Futures advisory firm working with royal households, world leaders, G7, G20, and G77 governments, NGOs, and multi-national mid and mega cap firms to help them explore, shape, and lead the next 50 years of business and society.
An award-winning YouTube creator with over a million followers, with an unrivalled global reach and impact, Matthew is a highly sought-after international keynote speaker, lecturer, and mentor who collaborates with global leaders through the United Nations Alliance of Civilizations (UNAOC) and United Nations General Assembly (UNGA) to shape pivotal initiatives such as the UN’s AI for Humanity program, the United Nations Conference of the Parties (UN COP), and the World Economic Forum in Davos.
As the former Global Head of Cloud, National Security, and Enterprise Sales for companies including Atos, Dell-EMC, and IBM, Matthew has a proven track record of building multi-billion dollar business units and turning failing divisions into market leaders. His ability to identify, analyse, and communicate the implications of hundreds of emerging technologies and trends is unparalleled, and his insights are trusted by many of the world’s most respected organisations, including ABB, Accenture, Adidas, AON, ARM, BCG, Centrica, Citi, Coca-Cola, Dentons, Deloitte, Dow Jones, EY, Google, KPMG, Lego, Legal & General, LinkedIn, Microsoft, PepsiCo, Qualcomm, RWE, Samsung, Siemens AG and Siemens Energy, T-Mobile, UBS, VISA, Walmart, Workday, Worldpay and many others.
Regularly featured in the global media including the AP, BBC, Bloomberg, CNBC, Discovery, Forbes, Khaleej Times, Telegraph, TIME, ViacomCBS, WIRED, and the WSJ, Matthews mission is to help organisations create a fair and sustainable future whose benefits are shared by everyone irrespective of their ability, background, or circumstances.
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Sources and further reading
- 1 Billion more contactless transactions mastercard.com
- EMVCo emvco.com
Source: first published by the 311 Institute on 7 May 2023. Cite as: Griffin, M. (2023). Mastercard launch their first quantum computer proof contactless card. 311 Institute. https://www.311institute.com/mastercard-launch-their-first-quantum-computer-proof-contactless-card/
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