In applying the latest quantum-resistant technologies to develop the next generation of contactless payments, about 55.7bn Internet of Things connections are expected by 2025, says Mastercard.
The company stated this on Tuesday while announcing the new Enhanced Contactless specifications.
“Ecos are an industry-first and will help ensure that as our dynamic digital landscape evolves, and new technologies like quantum computing are introduced, contactless technology is future-proofed to ensure consumers will continue to enjoy the same high levels of security and convenience they do today, in the decades to come,” Mastercard stated.
According to the company, the new specifications deliver advanced protection when account information is shared between the card or digital wallet and the checkout terminal, and builds on the increased requirements to support various privacy regulations.
Meanwhile, contactless penetration represented 41 per cent of in-person purchase transactions globally in the third quarter of 2020, up by 30 per cent from a year ago.
Currently, the Mastercard contactless technology is available in 164 countries at 18m merchant locations.
President, Cyber and Intelligence at Mastercard, Ajay Bhalla, said, “Contactless is the present and future of in-person payments.
“(Year) 2020 brought with it a rapid acceleration of digitisation and reinforced the importance of digital solutions – like contactless – to help meet our everyday needs. As the ecosystem continues to evolve, more connected devices and the IoT are going to create more user demand and an even greater need for constant innovation to build next generation capability, helping to ensure that technology never outpaces trust.”