MASTERCARD announced that it will apply the latest quantum resistant technologies to the next generation of contactless payments so that consumers can continue to enjoy high levels of security and convenience for decades to come.
According to Ajay Bhalla, President, Cyber & Intelligence, Mastercard in his press release said the new Enhanced Contactless (Ecos) specification is a first in the industry and will help ensure contactless technology survives in the future as the dynamic digital landscape evolves and new technologies such as computing are introduced quantum.
“The demand for a faster, more convenient, safe and cleaner payment method has driven the transition to contactless payments. This trend will continue to develop. In fact, in the third quarter of 2020, contactless penetration represented 41% of direct purchase transactions globally, up 30% from the previous year,” he said.
He explained that over the years Mastercard has been a pioneer in the transition to contactless payments and developed specifications such as Ecos to support various industry standardization efforts and ensure the entire ecosystem benefits from a higher level of security.
“Contactless is the present and future of direct payments. 2020 has drive the rapid acceleration of digitization and reinforce the importance of digital solutions – such as contactless – to help meet our daily needs,” Ajay Bhalla noted
He added, because the ecosystem continues to evolve, more devices will be connected and the Internet of Things will create more demand from users, and even a greater need to continue to innovate to build next-generation capabilities, and help ensure that technology can be relied on.
When these new specifications are activated in the next few years, consumers and merchants can expect better transaction processing. Digital wallets, mobile payments, contactless cards and the payment terminal will continue to work as it is today.
“Ecos compatibility and contactless specs are currently very simple. Ecos works behind the scenes and sent via software update, meaning no terminals or hardware required new. This investment complements the same in tokenization, 3-D Secure and Click to Pay, which can provide a better experience for consumers and traders,” he concluded. [photo special]