The wider merchant ecosystem for remote payments will keep persistent tokens in common usage over the next 5 years
Tokenization will exceed by 2024: research. Source: unsplash.com
According to Juniper Research, annual incomes from tokenized mobile payments will grow $40 billion by 2024, exceeding from an estimated $17 billion the year before. More than $30 billion will flow through remote e-commerce, rather than contactless payments at the point of sale.
The use of standard tokens and multifactor authentication protocols through Secure Remote Commerce will increase the use of security measures in browser-based commerce.
The research reveals that 3D Secure 2.0 standards, which become mandatory for most payment networks worldwide, will be applied to the process. This way, all remote payments are believed to be tokenized by 2024.
More than 33% of tokens used for mobile payments will be persistent by 2024. That would happen due to universal card-on-file tokenization systems, allowing merchants to securely store payment credentials. Besides, those smartphone vendors providing persistent NFC tokens would have an equal impact as well.
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