Remote payment tokenization revenue will equate to 58% of total mobile payment tokenization revenue
According to Juniper Research, the revenue from tokenization provisioning and management in mobile payments will exceed $53 billion in 2025, compared to $18 billion in 2020.
The report found that tokenization, where account details are replaced with data useless to fraudsters, is taking hold in both in-store and remote commerce.
This over 180% growth will be fuelled by the increased use of OEM Pays in both in-store and remote commerce. Besides, the increasing adoption of tokenization by digital wallet providers and their tighter integration into app checkout processes will drive the growth.
The research also highlighted that revenue from remote payment tokenization will equate to 58% of total mobile payment tokenization revenue in 2025. Although, this compares to 84% in 2020.
We’ve reported that attempted fraud in digital banking grew by 250%.