Mastercard integrates quantum computing into the bank sphere
Mastercard and D-Wave cooperation opens new opportunities for cardholders and provides more reliable protection against malicious data
Quantum computer Photo: pymnts.com
About 30% of debit and credit card transactions worldwide in 2020 (excluding China) were processed by Mastercard, and now the company is focused on bringing the whole banking system to a new level using quantum computing. For this purpose, a strategic agreement with D-Wave Systems was signed.
The joint team will use the D-Wave products - both QPUs with Quantum Processing Units (QPUs) and quantum hybrid mechanisms on the basis of the software.
Quantum computing is a tool for creating large and powerful networks that can solve the most important problems of humanity. According to Stev Flinter, vice president of software development at Mastercard, quantum computing can also completely change the basis of consumer-oriented commerce.
Reporting on the partnership, Mastercard said that its activities will be focused on developments in the field of transcodon settlements and fighting against fraud.
Quantum processor of the Advantage system by D-Wave. Photo: D-Wave.
From a mechanical perspective, the joint team will utilize D-Wave's D-Wave quantum computing platform to provide real-time access to quantum add-ons on the Mastercard network.
READ MORE: Mastercard partners with 7 NFT marketplaces
Flinter said that quantum systems are "the next stage in the evolution of computing. A few decades ago this topic was the prerogative of calculus theorists and science fiction writers, but today it is a new commercial model.
Quantum computing allows a new look at physical reality and create devices that can solve the most complex problems, which the advanced modern devices can not come close to.
Mastercard Photo: depositphotos.com
"This will allow us to create a low level of add-ons, products and services that can be used by our partners and their customers (consumers)."
Vice President of Software Development at Mastercard
Flinter stated that quantum software can transform finances, and now the technology is being applied to derivatives and credit risk assessment. At the same time, Mastercard wants to see how this new era of payments can solve a number of problems in everyday commerce.
"We can already see the future of innovative computing technology. Just like the creation of PCs, the emergence of the Internet, the spread of smartphones and voice pens, we believe that quantum has an impact on the industry, especially in the financial services sector. D-Wave and Mastercard have a shared vision of using the power of technology to positively impact businesses and society. This alliance supports this vector of development by introducing quantum innovations into everyday life, which will solve the most complex tasks".