As the ongoing pandemic accelerates our digital transformation around the globe, Mastercard has announced another evolution in its contactless technology to provide added convenience and safety at the point of purchase.
Utilising quantum-resistant technologies, the new generation of Enhanced Contactless (or Ecos) specifications is designed to stay ahead of the curve in a rapidly growing and changing digital landscape.
The new Ecos specifications will bring about:
Enhanced convenience – Enabling any device to be a payment device, plus eliminating the need for backup swipes and inserts.
Enhanced trust – Next-generation algorithms and cryptographic keys with rapid contactless interactions.
Enhanced privacy – Advanced protection when account info passes between the user and the checkout terminal.
By Q3 2020, contactless payments were responsible for 41% of in-person transactions around the globe - up 30% over 2019, and only expected to grow going forward. Consumers want faster, more secure, more convenient, and, in this new normal, cleaner ways to pay for their products. With next-gen specifications like Ecos, Mastercard wants to ensure that these evolutions are consistent across the industry.
“Contactless is the present and future of in-person payments. 2020 brought with it a rapid acceleration of digitisation and reinforced the importance of digital solutions – like contactless – to help meet our everyday needs,” says Ajay Bhalla, President, Cyber & Intelligence, Mastercard.
“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.”