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High Profile Cyberattacks Continue to Spur Rapid Adoption of Payment Tokenization Solutions to US$1 Billion Market
Headlining trends in payment tokenization including vaultless tokenization, web-based push provisioning, wearables tokens, and the integration of passkey capabilities instead of 3D Secure processes in desktop environments are expected to stir up further adoption of tokenization solutions and services across the payments ecosystem over the next five to ten years.
While North America is expected to continue to lead the pack, Europe's formidable regulatory regime pertaining to data protection and digital payments, rapid digitalization in Latin America , and the head start enjoyed by the Asia-Pacific region on tokenized funds and bonds prime the payment tokenization market for growth on a global scale.
Although payment tokenization boasts a strong growth trajectory over the next ten years, whetting Payment Service Providers (PSPs) and merchant's appetite for tokenized payment options will require heavy lifting on both the education and awareness-raising fronts. "Building a strong business case for payment tokenization requires a concrete demonstration of how tokenization solutions alleviate PSPs adherence to relevant regulatory and compliance requirements as well as how the migratory process can be eased for merchants who are reluctant to risk downtime or drops in transaction volumes. Payment Tokenization is well-placed for success, but its utility should be considered holistically across the payments ecosystem if TSPs are to truly optimize their prospects of strong revenue generation in this market," Dawson concludes.
These findings are from ABI Research's New Forms of Payment Tokenization report. This report is part of the company's Digital Payment Technologies research service, which includes research, data, and ABI Insights.
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