Mastercard and quantum computing company D-Wave have announced a multi-year alliance to investigate quantum-powered applications for the payments industry.

The companies plan to collaborate on the research and development of quantum-hybrid applications including fraud detection, cross-border payments and hyper-personalized customer experiences such as consumer loyalty and rewards programs.

Mastercard plans to use D-Wave’s annealing quantum computers and quantum hybrid solvers via the real-time quantum cloud service Leap.

“People expect hyper-personalized experiences,” said Mastercard chief innovation officer Ken Moore. “Quantum computing’s unique ability to analyze huge numbers of potential combinations can deliver optimal solutions that will improve efficiency and provide choice.

“Our work with D-Wave will explore the endless applications of quantum computing for practical, real-world financial services applications.”

“It is our belief that quantum will have a far-reaching and industry-disrupting impact, especially in the financial services sector,” said D-Wave CEO Alan Baratz.

“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.”