Mobile payment tokenisation space set for major growth
Mobile payment tokenisation revenue will exceed $53 billion globally by 2025, with OEM Pays and wallets driving adoption, according to Juniper Research.
Tokenisation is taking hold in both in-store and remote commerce.
Remote payment tokenisation will equate to 58% of total mobile payment tokenisation revenue in 2025.
However, this compares with 84% in 2020. As mobile contactless payments are tokenised by default, accompanying tokenisation revenue is accelerating rapidly, with contactless enjoying boosted growth during the coronavirus pandemic.
Juniper Research’s Susan Morrow comments: ‘Tokenisation is quickly becoming ubiquitous for mobile payments, reflecting the need for mobile payments to offer superior security features.”
“Tokenisation vendors must offer simple and compliant token provisioning and management solutions, in order to capitalise on the rapid growth in mobile payments usage.”
Persistent tokens
Juniper Research also found that the use of persistent tokens is increasing in remote payments, accounting for 52% of tokenised remote mobile payment transactions in 2025, from 41% in 2020.
The increasing dominance of digital wallets that use persistent tokens in e-commerce is key here.
