Abstract

The entire economic system is based on trust in electronic payments. Any security risk that could undermine this system on a larger scale would have consequences of unforseen magnitude for all of us. As quantum computers are soon expected to crack existing encryptions, the transition of payment systems to new security standards is urgently needed. Thanks to groundbreaking research at the University of Vienna, which was published in the prestigious journal "Nature Communications", quantum cryptography based on light particles can be employed to secure the world of payments. This technology goes far beyond the technological standards of QKD applications and can safeguard comprehensive application areas in bank-to-bank, wallet, or ATM transactions. Given its global uniqueness and its significant market potential, an Austrian project consortium has been assembled to rapidly develop this foundational technology towards market readiness. By combining leading expertise from institutions in science (Unversity of Vienna), technology (Qubo Technology GmbH, a deep-tech spin-off focused on payments), their partner Payment Services Austria (the payment provider for Austrian banks), industry practitioners (Payment Academy Austria with its network of experts), and regulatory matters (Akela, a leader in legal aspects of payment transactions), the project uniquley integrates technology and applications. 
The goal of this project is to address 3 key challenges towards European-scale quantum-payments: technology innovation to connect European financial hubs, an assessment how to ensure supply chain sovereignty, and the optimal regulatory frame for this new technology for businesses to succeed. The key technological challenges is to expand the geographical reach from securing payments within a financial hub such as between two Viennese banks (5-10 km apart), to much longer distances, connecting different financial hubs. A prospective future lighthouse project could be securing payments between Vienna and Bratislava (e.g., between two national banks). Beyond technology, the project analyzed the current and prospective future EU quanutm payments supply chain to avoid critical dependencies from the start. Finally, the legal framework for cross-European quantum payments is examined, and potential regulatory measures are proposed. 
The project results are a central milestone of an ongoing commericalzation roadmap, where the technology's market readiness is progressively advanced.