KUALA LUMPUR, July 18 (Bernama) -- A new study from Juniper Research has found the total number of tokenised payment transactions will exceed one trillion globally by 2026; rising from 680 billion in 2022.
This represents growth of 58 per cent over the next four years, according to a statement.
It attributed this growth to the rise of ‘one-click’ solutions, such as Click-to-Pay, using card-on-file tokenisation to store a customer’s payment credentials; enabling them to auto-fill their checkout details and complete transactions via a single click.
Tokenisation protects customers’ payment credentials when stored; replacing sensitive data with token values that hold no intrinsic value. This prevents malicious actors from gaining access to payment data in the event of a data breach.
The new report predicts online and mobile eCommerce-tokenised volume will grow by 74 per cent by 2026. This growth is driven by the increasing customer expectation of a frictionless checkout experience, which one-click solutions via tokenisation offer.
The research also identified Internet of Things (IoT) payments as offering the largest growth amongst the tokenisation market over the next five years, with tokenised IoT transactions expected to reach 19 billion by 2027, growing 400 per cent from just 3.8 billion in 2022.
Tokenisation is critical in facilitating IoT payments; enabling transactions to be made via new use cases and form factors, unlocking new revenue opportunities for payment providers.
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.
-- BERNAMA
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