BASINGSTOKE, England--(BUSINESS WIRE)--Sep 4, 2023--
A new study by Juniper Research, the foremost experts in fintech markets, forecasts substantial growth of 190% in network-tokenised transactions; reaching 400 billion globally in 2028, up from 140.3 billion in 2023. These transactions include online and desktop eCommerce transactions, mobile payments and IoT transactions.
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Juniper Research Insights for 2023: Network Tokenisation (Graphic: Business Wire)
The study found network tokenisation, the process of replacing card payment data with unique network-issued tokens, is able to balance security and friction more effectively than other solutions – a key concern within the eCommerce market. The repeated usability of network tokens reduces the instances a consumer is required to provide payment details; promoting limited friction.
Find out more about the new report, Global Network Tokenisation Market 2023-2028, or download a free sample.
Governing Bodies to Emulate India’s Regulatory Approach
The report anticipates a surge in network tokenisation mandates, following successful market implementations. A great example of this is the Reserve Bank of India, which requires tokenisation for all credit and debit cards used for online transactions from October 2022.
Research author Cara Malone commented: “As the number of transactions and payment methods within eCommerce continues to increase, it is important for governing bodies to take action throughimplementing regulations and mandates. These new mandates will represent an important opportunity for network tokenisation vendors to grow their revenue.”
Scalability within Network Tokenisation Vital
The research found that surging eCommerce transaction volumes are placing great strain on payment providers to handle the growing workload, without compromising user experience or security. It is important for network tokenisation vendors to deliver scalable solutions which provide longevity, such as Click to Pay; a highly frictionless form of payment that eliminates the need for manually entering payment data whilst securing the checkout process.
About the Research Suite
The new market research suite offers the most comprehensive assessment of the network tokenisation market to date; providing analysis and forecasts of over 19,000 datapoints across 60 markets over five years. It includes a Competitor Leaderboard and examination of future market opportunities.
View the Network Tokenisation Market research: https://www.juniperresearch.com/researchstore/fintech-payments/network-tokenisation-market-research-report
Download the free sample: https://www.juniperresearch.com/whitepapers/network-tokenisation-tackling-a-rise-in-false
Juniper Research has, for two decades, provided market intelligence and advisory services to the global financial sector, retained by many of the world’s leading banks, intermediaries and providers.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230903673169/en/
CONTACT: Please contact Sam Smith, Press Relations
T: +44(0)1256 830002
E:sam.smith@juniperresearch.com
KEYWORD: UNITED KINGDOM EUROPE
INDUSTRY KEYWORD: TECHNOLOGY ELECTRONIC COMMERCE
SOURCE: Juniper Research
Copyright Business Wire 2023.
PUB: 09/04/2023 02:00 AM/DISC: 09/04/2023 02:01 AM
http://www.businesswire.com/news/home/20230903673169/en
