Mobile Payment Tokenisation Revenue to Exceed $53 Billion Globally by 2025, as OEM Pays & Wallets Drive Adoption
- 15.03.2021 09:56 am
A new study from Juniper Research has found revenue from tokenisation provisioning and management in mobile payments will exceed $53 billion in 2025, from $18 billion in 2020. The report found tokenisation, where account details are replaced with data useless to fraudsters, is taking hold in both in-store and remote commerce. This strong growth, of over 180%, will be fuelled by increased use of OEM Pays in both in-store and remote commerce, as well as increasing adoption of tokenisation by digital wallet providers and their tighter integration into app checkout processes.
The research recommends that digital wallet providers move to implement tokenisation immediately, if not already, and prioritise acceptance to increase security in checkout processes.