The EPAA has published a report focusing on quantum threats to payments in the Asia Pacific region, underlining the necessity for immediate coordinated efforts before quantum computers can compromise current encryption methods.
Titleed ‘Quantum Safe Payments: Why the Industry Must Act Now’, this report is part of the EPAA’s broader strategy aimed at preparing the region for the advent of quantum computing. It offers clear guidance to banks and payments providers on how they should proceed.
In the Asia Pacific (APAC) area, digital wallets, Open Banking, and real-time payment systems are extensively utilized, deeply integrated into daily transactions. However, these systems still lack robustness against potential quantum attacks.
Details from EPAA’s Report
The report identifies common challenges such as legacy cryptographic weaknesses, migration complexities, and the need for coordinated strategies to adopt quantum-resistant cryptography. According to the official press release, these issues highlight the urgency of action in the payments sector.
EPAA officials stressed that there is no room for delay in addressing this threat. Simultaneously, quantum computing could offer significant advancements in fields like healthcare and scientific research, but it also poses serious risks if misused. Scammers are already amassing encrypted data, waiting for quantum computers to render it accessible.
Responding to these quantum threats involves complex procedures requiring multiple coordinated actions across the industry to manage technical, regulatory, operational, reputational, and compliance risks.
The EPAA has organized regional workshops in Sydney, Hong Kong, Singapore, Malaysia, as well as online sessions. These gathered 200 participants from various sectors of the payments ecosystem to address these challenges. Survey results showed that only 20% of workshop attendees reported being very familiar and actively monitoring developments related to quantum threats. Meanwhile, 44% expressed a lack of awareness or familiarity with the overall threat.
