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Tokenization is the replacement of consumer card credentials with a unique random code or token, to transact without compromising consumer information.
Tokenization is the gateway to digital wallets like Apple Pay and Google Pay on your mobile devices and supports contactless card payments.
With a steep increase in fraud due to COVID-19, tokenization can fight back, offering secure transactions and fraud reduction up to 67%.
Businesses that utilize tokenization experience as much as a 6% increase in authorization and transaction rates.
The tokenization market is expected to reach $6.8 Billion by 2027, with an annual compound average growth rate (CAGR) of 25.7%.
Source: Visa Transactional Data
Issuers, e-commerce players, and creators of digital wallets can now adopt tokenization more easily through NovoPayment’s network-agnostic platform.
"Companies that ignore the potential of tokenization to transform business models and competitive landscapes may soon be leap-frogged by bolder players who are harnessing tokenization to create competitive advantages."
"We foresee that customization could make the financial industry more accessible, cheaper, faster, and easier..."
We explore the implications of the rise of digital payments in Latin America and the leading role tokenization can take to expand digital inclusion by reducing fraud and increasing security in this growing market.
Check out the advantages, returns and benefits that issuers, merchants, super wallets, and acquiring institutions get when adopting tokenization. Explore the new user experiences you can enable to better compete in the digital economy of financial services and remote payments.
We cover the impact on clients and customer experience, examples of practical use cases, and the simple steps to adopt tokenization, increase profits and scale your business by improving security.
Learn more about how tokenization works and how Novopayment can propel you into the future of digital payments.