Radio Rehoboth
Quantum computing, while not as hot a buzzword as AI, is set to unleash a tsunami-like wave of transformation in the payments industry. While quantum may still be considered in its infancy compared to generative AI, the potential of quantum computing to revolutionize the way the banks and financial institutions handle payments is nothing short of staggering.
Quantum Leap in Speed and Efficiency
The easiest way to understand it is to start with traditional computing, which encodes data as a series of zeroes and ones. Quantum computing exploits the quirky behavior of sub-atomic particles, which can be in two states at the same time (a property that is called “superposition “). This unique quality will allow quantum computing to perform multiple complex related tasks simultaneously in a fraction of a second. Consider this: banking and the payments industry, long known for its turtle-like speed in fundamental fraud detection, risk analysis, transaction verification, and credit scoring – quantum computing can handle these tasks simultaneously with unprecedented speed and efficiency. Quantum will make everything we do today look comparatively like the early days of getting things done by horse and buggy.
Top 5 ways the payments space will benefit in the era of Quantum computing.
Yes, AI is finally having its day in the sun, but quantum computing and all its potential stands to be the “new black” for business for generations to come.
Aprile Parella is the Director of Operations at Global Merchant Partners.
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