Payment systems are built on trust. Every transaction, every authentication, every data exchange relies on cryptographic foundations that ensure confidentiality and integrity. The transaction data containing an individual’s credit card number, account number and authentication credentials are protected through multi-layered encryption and signatures that only the intended recipients can decrypt and validate. Yet these encryption algorithms that protect trillions of dollars in daily transactions are approaching obsolescence. Quantum computers capable of breaking today’s encryption algorithms are no longer a distant risk; they’re an approaching reality. We believe that by the early 2030s, a “cryptographically relevant” quantum computer can be used to break current encryption standards. For financial institutions managing payment systems, the question isn’t whether quantum computing will disrupt current security measures, but when. Even more concerning is the fact that cybercriminals are already preparing, harvesting encrypted payment data today with the intent to decrypt it tomorrow. They plan to exploit this data when they’re able to gain access to such powerful quantum computers. To protect payment data from such post-quantum risks, organizations must upgrade the cryptography used during transit through the network and at rest to the latest post-quantum cryptography standards. Current payment encryption standards weren’t designed for a quantum future. The mathematical problems that make RSA and ECC secure today will be trivially solvable by quantum computers sometime in the next few years. Unlike typical cybersecurity threats that target immediate vulnerabilities, the post-quantum risk is unique. Adversaries can steal encrypted data along with the public keys now and simply wait to gain access to “cryptographically relevant” quantum computers before decrypting it. The responsibility for protecting customers’ financial data, authentication credentials and other personal data, such as a mobile number and a social security number, lies with multiple entities of the payment ecosystem. These institutions include: · Market infrastructures: