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An automated cash discount programme is one of the price choices provided by the credit card processing business Quantum Electronic Payments. The creation and verification of counterfeit-resistant banknotes using a quantum cryptography protocol is known as a quantum money scheme.
Its foundation is the no-cloning theorem, which claims that quantum states cannot be exactly duplicated, making it impossible to create counterfeit quantum money by including quantum systems into its structure. The new quantum banking system’s potential for almost instantaneous financial transactions is one of its more intriguing features. using blockchain technology with quantum computing
The Global quantum payment system market accounted for $XX Billion in 2022 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2023 to 2030.
The contactless card from Mastercard is quantum computer-proof.
According to the payment company, quantum cryptography can add further levels of protection to safeguard transactions.The world’s largest financial services company, Mastercard, has created a new kind of contactless card that uses quantum cryptography to thwart hackers from both present classical computers and potential quantum computers.
The improved contactless card is compatible with all current payment terminals and incorporates standards recently unveiled by the technical body for the finance sector, EMVCo, known as “the EMV Contactless Kernel Specifications,” which also offer higher levels of security that are “future proof.”
Current cryptography techniques will become easy to break when quantum computing technology reaches a stage known as quantum supremacy, where machines can execute almost error-free calculations that are unachievable with classical computers. As a result, unique quantum security will be needed. Experts anticipate reaching this position. With its new card, Mastercard claims to have “significantly advanced contactless payment security and privacy protection.”
According to the payment provider, it will include advanced privacy protections to limit the amount of account information shared between the customer device and merchant terminal as well as next-generation algorithms and cryptographic keys that have been designed to be quick, ensuring a contactless payment happens in under half a second.Both customers and fraudsters may find new opportunities as a result of technology.
