APAC payments unprepared for looming quantum risks
The Emerging Payments Association of Asia (EPAA) has released a new report urging the Asia Pacific payments industry to take immediate steps to address looming quantum threats.
According to Quantum Insider, the research, titled Quantum safe payments: Why the payments industry must act now, sets out the urgent need for banks and payments providers to prepare for a future where current encryption could be rendered obsolete.
The report highlights that while digital wallets, open banking and real-time payments have become integral across APAC, they remain vulnerable to advances in quantum computing. These systems have not yet adopted protection against quantum attacks, leaving them exposed to risks that could compromise encrypted data once quantum technology matures.
Key challenges include legacy cryptographic weaknesses, the technical difficulty of migrating to quantum-resistant systems, and the need for a coordinated regional approach. The report stresses that without action, APAC’s financial ecosystem could face significant regulatory, operational, and reputational risks.
EPAA chief executive Camilla Bullock said the industry could no longer afford delays.
“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,” Ms Bullock said.
“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.”
The EPAA has been hosting workshops across Sydney, Hong Kong, Singapore and Malaysia, with additional online sessions, to engage the wider ecosystem. More than 200 industry participants have taken part, sharing insights on preparedness and risk management.
Findings from the workshops revealed that many institutions remain in the early stages of addressing the issue. When asked about senior stakeholder awareness of quantum risks, only 20% of participants said their leaders were “very familiar” and actively tracking developments. Meanwhile, 44% admitted their executives were “not very familiar” or “not familiar at all” with the potential threat to current cryptography.
Despite these concerns, Ms Bullock said the region still has an opportunity to set the pace globally.
“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,” Ms Bullock said.
The report forms part of the EPAA’s wider strategy to strengthen the resilience of the payments ecosystem and ensure the region is prepared for the transformative impact of quantum computing.
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