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According to the latest report published by the company Juniper Research, annual income from tokenization of mobile payments, for which useless data for hackers is used to increase security, in 2024 they may exceed even 40 billion dollars. The greater part of this amount will come from remote systems E-commerce. Already in 2019, this profit reached almost 17 billion dollars.
Will tokenization revolutionize the payment sector?
As indicated in the latest report Mobile Payment Data Security: Tokenisation, Encryption & Regulation 2020-2024 developed by Juniper Research, it is highly likely that as early as 2024 almost all remote payments will be made stokenizowane.
Including those based on short-range communication. The only exception will be emerging economies, for which the EMV payment method is not yet a common standard.
What are these predictions supported?
Well, as the authors of the report have shown in the conducted research, standard tokens and multi-factor authentication protocols are increasingly used during remote commercial operations, while until recently it was limited mainly to native applications. 3D Secure 2.0 standards, which are becoming the norm for payment networks around the world, will also bring great support to the financial sector.
In addition, the report showed that even over 33 percent. tokens used for mobile payments will survive until 2024.
This will be possible thanks to universal card tokenization systems on files, ensuring merchants fully secure payment storage. It is assumed that the decline in the use of permanent tokens will be seen in the case of contactless payments, where disposable tokens are gaining an increasing market share. Nevertheless, looking globally at the remote payment ecosystem, it is estimated that permanent tokens will remain in widespread use for the next five years.
About Juniper Research
Juniper Research is a company specializing in providing research and analytical services for companies in the technology sector. The scope of services provided by her includes, among others industry consulting and preparation of reports and analyzes.
