Payments have become a tool, rather than a product, to boost customer reach and engagement. The pandemic has led to an exponential growth in online and contactless payments. In the era of embedded payments and mobile wallets/e-wallets, cards remain the most popular method of payments globally but are most vulnerable to fraud and risk. Tokenization minimizes or eliminates the risk of losing sensitive data to avoid cost-intensive loss reimbursement and legal actions. Globally, tokenization has reduced the impact of fraud on online merchants by an average 26%. According to MarketsandMarkets, the tokenization market is estimated to be worth $4.8 billion by 2025 |
