Tokenized mobile payments will grow to $40 billion by 2024. Figures from Juniper Research find a large portion of the revenue growth from tokenized mobile payments ($30 billion) will be from remote e-commerce transactions. Tokenized mobile payments saw $17 billion in revenue in 2019.
The study, titled, Mobile Payment Data Security: Tokenization, Encryption & Regulation 2020-2024, reveals that the ability to use standard tokens and multifactor authentication protocols through Secure Remote Commerce will increase the use of these security measures in browser-based commerce. Previously it was mostly limited to native apps.
Secure Remote Commerce (SRC) is a standardized e-commerce checkout method proposed by EMVCo. It will enable websites to feature a unified pay button for e-commerce checkout that will house consumers’ payment cards securely in one location, whether they are American Express, Discover, MasterCard or Visa cards.
The report shows more than one-third of tokens used for mobile payments will be persistent by 2024 due universal card-on-file tokenization systems that allow merchants to store payment credentials.