MasterCard’s technology for cashless future

Published: Sat 30 Jan 2021, 2:03 PM

Last updated: Sat 30 Jan 2021, 4:06 PM

Mastercard has announced that it is applying the latest quantum-resistant technologies to develop the next generation of contactless payments. The new Enhanced Contactless (Ecos) specifications are an industry-first and will help ensure that as our dynamic digital landscape evolves, and new technologies are introduced.

 Mastercard has been spearheading the transition to contactless payments for years, and developing specifications like Ecos to support industry standardisation efforts and help ensure the entire ecosystem benefits from higher levels of security.

“The year 2020 brought with it a rapid acceleration of digitisation and reinforced the importance of digital solutions to help meet our everyday needs. As the ecosystem continues to evolve, more connected devices and the Internet of Things 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,” said Ajay Bhalla, president, cyber and intelligence at Mastercard.

 Ecos works behind the scenes and is delivered via a software upgrade, therefore no new hardware or terminals are required. With Ecos, consumers, merchants and financial institutions will benefit from enhanced convenience, enhanced trust and enhanced privacy.

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