Do you know nanotech? At the beginning of this millennium, nanotechnology, i.e. the know-how and production of technology on the scale of atoms and molecules, seemed to be the key to the problems in the manufacturing and IT industries. As a result, the shares of nanotech companies doubled and quadrupled.
Quantum computing based on nanotechnology has taken on the favourite child of tech startups and IT giants these days. For digital and contactless payment systems providers, quantum computers could mean a quantum leap in billing invoices without cash.
If the speed advantage is correct, it can be imagined that delayed electronic payments made today but are not made until a day later or appear delayed on the bank statement may soon be a thing of the past.
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In short, conventional computers are based on the binary scheme that divides the world into “ones” and “zeros”. On the other hand, Quantum computers can mix the two quantities “1” and “0” as yes / no parameters. This kind of mixing became necessary because PC chips grew smaller while the bytes grew on mega-giga-tera. As a result, the little helpers in our laptops and smartphones have almost reached their physical limits – we can’t just build them smaller than atoms.
This makes quantum computers more agile and faster than their conventional colleagues because the basic principle has not changed with today’s PCs. The experts agree that quantum computing will impact all industries, not just technology and manufacturing, but from A for agriculture to Z for duty-free trade. This includes the financial sector and thus an area that affects us all: electronic payments.
Quantum Computing can take cryptography, i.e. the encryption technology of access data, to the next level and thus carry out contactless payments by debit or credit card or via smartphone. This form of digital money transfer has grown tremendously since the pandemic broke out. It will continue around the world amid a growing number of tech-savvy millennials entering the world of work.
Global And Encrypted
According to Oscar Covers, a cybersecurity analyst, current program protocols will most likely need to be redesigned to take full advantage of post-quantum cryptography.” Quantum computers are still a few years away from mass access and use and that “there is certainly a risk that hackers will try some form of technology to get a head start.” The article continues: “As early as the third quarter of 2020, the penetration of contactless payment systems accounted for 41% of global purchase transactions, according to sources 30% more than a year ago.”
But there is hope because the payment providers have taken the initiative. The credit card provider Mastercard has announced that it will develop the “next generation of contactless payments” so that consumers can continue to enjoy a high level of security and convenience in the decades to come “.
“As the IT ecosystem evolves, more connected devices and the Internet of Things will lead to higher user demand and a greater need for constant innovation. “He adds that an industry first and new enhanced contactless compensation system will help contactless technology evolve with new disruptive technologies like quantum computing.
One Step Ahead
These technologies leverage the new “quantum-resistant technology” by implementing next-generation algorithms and cryptographic key strengths while keeping contactless interaction “under half a second”. “The term “quantum-resistant” could be confusing at first.
However, hackers are trying to adapt to new technologies. As a result, care providers are eager to leverage quantum processors to nip phishing attempts and cyber attacks in the bud.
Therefore, the rise of quantum computers has motivated contactless card providers to accelerate their efforts to ensure a quick AND secure application of the invisible payment between the customer’s card or smartphone and the fixed or mobile payment terminal. For the customer, on the other hand, nothing seems to change, but the speed of electronic payments will overshadow how it works today.
“Consumers are influenced by all the benefits that corporate card companies offer, even if they don’t necessarily take advantage of them”. The competition for the next generation of data processors, which know more than just ones and zeros. This ban includes quantum cryptographic hardware and software. The race will continue because quantum computing effectively represents a quantum leap for digital payments.