Mastercard applies quantum tech for contactless payments

Tuesday 26 January 2021 10:12 CET | News

Mastercard has revealed 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 technology is future-proofed to enable consumers to continue to enjoy the same levels of security and convenience they do today, in the decades to come.

With Ecos, consumers, merchants, and financial institutions will benefit from:

  • Convenience – 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.

  • Trust – Ecos leverages new, quantum-resistant tech to deliver next-generation algorithms and cryptographic key strengths while keeping the contactless interaction under half a second.

  • 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.

Ecos works behind the scenes and is delivered via a software upgrade, therefore no new hardware or terminals are required. This initiative complements similar investments in tokens, 3-D Secure, and Click to Pay, delivering a consumer and merchant experience.

More: Link

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Keywords: MasterCard, product launch, contactless solution, quantum tech, regulations, Enhanced Contactless, Ecos, security, trust, merchants, digital wallet
Categories: Payments & Commerce
Countries: World
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