The Emerging Payments Association of Asia (EPAA) has warned that the Asia Pacific payments industry must take urgent action to prepare for the risks posed by quantum computing, after releasing a new report that highlights vulnerabilities across the sector.
The report, Quantum safe payments: Why the payments industry must act now, sets out clear steps that banks and payments providers should take to prepare. It forms part of the EPAA’s strategy to ensure the region is ready for quantum technology, which could potentially undermine existing cryptographic protections.
Digital wallets, open banking and real-time payments are widely adopted across APAC, yet few systems have built-in resistance to quantum computing attacks. According to the report, common challenges include weaknesses in legacy cryptography, difficulties in migrating to stronger systems, and the need for coordinated industry-wide strategies to transition to quantum-resistant technologies.
EPAA chief executive Camilla Bullock said the industry cannot afford to delay its response. She said, “Quantum computing has the potential to deliver extraordinary breakthroughs in healthcare, climate modelling and scientific research, but in the wrong hands it poses serious risks. We know scammers are already collecting encrypted data, waiting for quantum computers to break it.”
She added, “Responding to quantum threats is complex and requires coordinated industry-wide action to manage technical, regulatory, operational, reputational and compliance risks. The time for banks and payments providers to act is now.”
To shape the industry’s response, EPAA convened workshops in Sydney, Hong Kong, Singapore, Malaysia and online, involving 200 participants from across the payments ecosystem. The discussions revealed stark differences in preparedness, with many firms still in the early stages of considering quantum-related risks.
When asked how familiar senior stakeholders were with the quantum threat to cryptography, only 20% of participants said they were “very familiar” and actively tracking developments. In contrast, 44% admitted they were either “not very familiar” or “not familiar at all” with the issue.
Despite the low levels of readiness, Bullock stressed that APAC payments could lead the way in tackling the risks. She said, “Acting on quantum risks now opens the door for innovation, positioning Asia Pacific to lead in shaping secure, future-ready payment systems. A coordinated industry response will foster resilience, protect digitally dependent economies, ensure regulatory compliance and help our payments leaders maintain competitive advantage.”
The EPAA report calls on payments providers to accelerate adoption of quantum-safe technologies to safeguard the region’s financial infrastructure.
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