EPAA Report Shows Payments Industry Must Act Now on Quantum Threats

The Emerging Payments Association of Asia (EPAA) today released a report on quantum threats to Asia Pacific payments, highlighting the urgent need for coordinated action before quantum computers crack current encryption.

Quantum safe payments: Why the payments industry must act now provides clear steps banks and payments providers must take to prepare, and forms part of the EPAA’s industry-wide strategy to ready the region for quantum computing.

Across APAC, digital wallets, open banking, and real-time payment systems are widely used and deeply integrated. However, these payment systems have yet to incorporate resistance to quantum computing attacks.

Common challenges include legacy cryptographic weaknesses, migration complexities, and the need for coordinated strategies in adopting quantum-resistant cryptography.

EPAA chief executive Camilla Bullock said the payments industry could not afford to delay its response.

“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.”

EPAA has convened workshops in Sydney, Hong Kong, Singapore, Malaysia and online, bringing together 200 participants from across the payments ecosystem to shape the response to quantum threats.

The sessions revealed varying levels of industry preparedness, with many companies still in the early stages of thinking about quantum-related risks. 

When asked “How aware do you believe your senior stakeholders are of the quantum threat to current cryptography?” only 20% of workshop participants answered “very familiar” and that they are actively tracking developments and risks, and 44% answered “not very familiar” or “not familiar at all” of the threat to current cryptography.

However, Ms. Bullock said it was not too late for APAC payments to lead the global response to quantum risks.

“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.