Mastercard Unveils First Quantum-resistant Contactless Cards

Mastercard, the financial service giant, has produced a new type of card which is contactless and uses quantum cryptography. The card can withstand attack from present computers and the upcoming quantum computers.

New Contactless Cards Can Withstand Quantum Computer Attack

The latest cards are equipped with quantum cryptographic protocols to safeguard transactions. Also, they are compatible with all terminals that are currently in use.

Meanwhile, the upgraded contactless card uses “the EMV Contactless Kernel Specifications.” These are standards recently developed by EMVCo, a technical body in the finance industry. 

The specifications are compatible with the order payment terminals. Also, the card has a high level of security that is “future-proof.”

Experts believe quantum computing technology will soon reach a point called quantum supremacy. At this point, quantum computers can conduct error-free calculations.

This is something that is not possible with the present computers. Hence, quantum computers will easily crack today’s cryptographic keys, which calls for companies to be quantum-ready. 

Meanwhile, experts predict that this will take place between 2025-2027. According to Mastercard, the new card represents a “major milestone that adds quantum-era privacy and security immunity to contactless payments.” 

The payment giant said this card would have next-generation cryptographic keys and algorithms. As a result, it would be fast and offer contactless payment in a few seconds. 

In addition, it will offer enhanced privacy security that will limit the account information exchanged between the merchant terminal and the consumer’s device.

Mastercard To Begin Full Rollout In 2023

Per predictions, there will be over 12.5 billion active contactless devices by 2027. Also, the transaction fee with such de used will exceed over $10trn globally.

Ajay Bhalla, Mastercard’s President for cyber intelligence, said quantum technology could open new doors for fraudsters and consumers. Hence, it is essential that security becomes future-proof to avoid such situations.

Furthermore, Mastercard promised to begin a wider rollout of the card in 2023. Bhalla notes that the goal is to provide a seamless transition from the present-day card system.

Meanwhile, significant features of the current specifications are secured channels for eavesdropping prevention, privacy, and protecting data from relay and middleman attacks. 

In addition, it should include curve cryptography which helps with authentication. It will also support mobile and biometric verification methods.

Mastercard noted that it created the specifications by collaborating with EMVCo. This ensures they are well-optimized for on-card data storage and cloud operations.

At the start of 2022, the US authorities released requirements for governmental agencies to embrace quantum-resistant cryptography. Meanwhile, the NIST (National Institute of Standards and Technology) chose four quantum cryptography algorithms.

These algorithms will be part of its new cryptography standards. Government and business agencies will likely take advantage of these newly established worldwide encryption standards. Moreover, various entities are planning their transition to the future of quantum computers.