HSBC and PayPal, along with other founding members, are part of a working group focused on studying the adoption of quantum-safe cryptography in the payments sector to address the cybersecurity risks posed by upcoming cryptographically relevant quantum computers. Concerns arise over the potential vulnerabilities of current encryption methods like RSA to quantum computing. The group, initiated by the Emerging Payments Association Asia, aims to proactively assess policy, regulations, and business processes for quantum-safe cryptography to safeguard payment infrastructures
By defining requirements, identifying use cases, and developing a roadmap for post-quantum networking, the collaborative effort strives to counteract the anticipated threats posed by quantum computers in the future. IBM, Australian Payments Plus, and other key players aim to accelerate the transition towards quantum-safe technology to ensure data and systems remain secure amidst the rapid evolution of quantum computing. ```https://www.finextra.com/newsarticle/44060/hsbc-and-paypal-tackle-quantum-safe-cryptography-in-payments/security