Although not getting as much attention these days as the metaverse or Web3, the potential impact of quantum computing in financial services certainly has the attention of the industry's biggest players. This week, Mastercard approved the first cards for issuers that meet EMVCo contactless specifications to protect cardholders from attacks from quantum computers as well as traditional computers.
"Technology has the potential to open new opportunities for both consumers and fraudsters," President of Cyber & Intelligence at Mastercard Ajay Bhalla said. "That's why future-proofing security is critical."
Quantum computing involves leveraging the capacities of quantum physics to solve certain computational problems faster than traditional computers. Much of the buzz over quantum computing is related to the purported ability of quantum computing to defy even the most rigorous encryption protocols. And while some of these concerns may have been overblown, at least in the short term, the ability of quantum computers…
