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 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,” a statement said.
The demand for faster, more convenient, safe and cleaner ways to pay has driven the transition to contactless and this trend will only continue to grow. In fact, in the third quarter of 2020, contactless penetration represented 41 percent of in-person purchase transactions globally, up 30 percent from a year ago.
“Contactless is the present and future of in-person payments,” said Ajay Bhalla, president, cyber and intelligence at Mastercard. “2020 brought with it a rapid acceleration of digitization 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 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.”
With Ecos, consumers, merchants and financial institutions will benefit from:
•Enhanced convenience — Over time, Mastercard envisions that the in-store shopping experience will become increasingly contactless-only. These new specifications will help ensure any device truly can be a payment device, while eliminating the need for a backup swipe or dip of a card.
•Enhanced trust — Ecos leverages new, quantum-resistant technology to deliver next-generation algorithms and cryptographic key strengths while keeping the contactless interaction under half a second.
•Enhanced privacy — The new specifications deliver advanced protection when account information is shared between the card or digital wallet and the checkout terminal. Ecos builds on the increased requirements to support various privacy regulations.
As the new specifications are activated over the coming years, consumers and merchants can expect a seamless transition. Digital wallets, mobile payments, contactless cards and point-of-sale terminals will continue to work as they do today.
Mastercard evolves contactless technology for quantum world
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Mastercard evolves contactless technology for quantum world
SVC invests $1.2bn and contributes to Kingdom’s pole position in VC funding
Saudi Venture Capital Company (SVC) released its annual “Impact Report,” which highlighted SVC’s role in the record growth rates achieved by the Saudi private capital ecosystem in 2025.
The report emphasized SVC’s impact on the Kingdom's private capital ecosystem (Venture Capital, Private Equity, Venture Debt, and Private Debt) since the company’s establishment in 2018.
The report showed that SVC's total committed investments since its inception have reached $1.2 billion, while its investments have stimulated partner commitments totaling $5.9 billion, or 4.9 times SVC’s commitment. This highlights SVC’s role as a key catalyst and market maker in the private capital ecosystem.
The report indicated that the number of funds backed by SVC increased to 65, while the number of startups and SMEs supported exceeded 1,000 across several vital sectors, including e-commerce, fintech, healthcare, education technologies, transport, and logistics.
Commenting on the report, Nora Alsarhan, Deputy CEO and Chief Investment Officer at SVC, said: “The report highlights the transformative progress happening across Saudi Arabia’s private capital ecosystem as a direct result of the initiatives and goals of the Saudi Vision 2030.”
She added: “We remain committed to developing investment programs, products, and developmental initiatives based on market needs analysis and aligned with leading global models, which enhance the competitiveness of the Saudi private capital ecosystem, support diversification of the national economy, and help achieve the goals of the Saudi Vision 2030.”
The report showed that SVC’s strategy contributed to the Kingdom’s maintaining its first rank in the MENA region for the third straight year in VC funding in 2025, reaching a historic total of $1.7 billion. This reflects the growth seen across various economic and financial sectors under Saudi Vision 2030, which aims to strengthen the national economy.
The report indicated that the number of venture capital investors has increased sixfold since SVC was founded in 2018, when the number did not exceed 34, reaching 200 in 2025. This reflects the depth of the market and the expansion of the institutional investor base in Saudi Arabia.
The report also highlighted the launch of the inaugural Private Capital Forum, a regional platform to advance dialogue on private capital. The forum brought together 1,070 participants and 59 speakers across 20 sessions, reaching 7.2 million people digitally and generating over 10.5 million media impressions.
