Financial services giant Mastercard is planning to use D-Wave Systems’ annealing quantum computers and hybrid quantum solvers to explore quantum-hybrid applications in areas such as consumer loyalty and rewards, cross-border settlement and fraud management under the terms of a new multi-year strategic alliance.
“People expect hyper-personalized experiences. Quantum computing’s unique ability to analyze huge numbers of potential combinations can deliver optimal solutions that will improve efficiency and provide choice,” said Ken Moore, Chief Innovation Officer at Mastercard. “Our work with D-Wave will explore the endless applications of quantum computing for practical, real-world financial services applications.”
“Just like the creation of the PC, the emergence of the internet and the proliferation of smartphones and voice assistants, it is our belief that quantum will have far-reaching and industry-disrupting impact, especially in the financial services sector,” said Alan Baratz, CEO of D-Wave. “D-Wave and Mastercard have a shared vision of harnessing the power of technology to positively affect business and society. This alliance supports that vision by delivering quantum innovation that will tackle increasingly complex problem sets across applications like optimized loyalty programs, fraud management and anti-money laundering in financial services and, ultimately, unlock more value for customers.”
A video overview of D-Wave and Mastercard’s new alliance can be viewed here. Mastercard will use D-Wave’s systems through the Leap quantum cloud service.
The announcement comes just after D-Wave and SPAC partner DPCM moved a step closer to their business combination with a DPCM stockholder vote on the deal now scheduled for Aug. 2. The U.S. Securities and Exchange Commission (SEC) last week declared effective the Form S-4 registration statement filed by D-Wave Quantum Inc., regarding the merger.
Mastercard has been involved in quantum projects before, notably as a partner of IBM and other firms ona project in Ireland in 2020.
Dan O’Shea has covered telecommunications and related topics including semiconductors, sensors, retail systems, digital payments and quantum computing/technology for over 25 years.