Report Predicts Boost in Mobile Payments Security Through Increased Tokenization
A new report by Juniper Research is forecasting a spike in annual revenue from tokenized mobile payments in the coming four years.
The research published earlier in the week anticipates revenues to climb from $17 billion in 2019 to over $40 billion by 2024 at a compound annual growth rate of 23%. More than $30 billion of that is expected to come from remote eCommerce transactions rather than mobile payments at the point of sale.
China and other parts of the Far East are likely to account for the majority of the transactions conducted under this model.
Furthermore, the report shows that tokenization in browser-based eCommerce will increase thanks to the use of tokens and multi-factor authentication through Secure Remote Commerce.
European regulators are also working to improve security requirements for SRC in order to get transactions approved.
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