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Tokenization is the process of replacing sensitive data such as credit card numbers with a value called a “token”. This process allows for secure payments and enables future transactions without exposing any card details. The Tokenization Market is expected to grow due to the increasing deployment of cloud-based solutions, the high use of contactless payment cards, and increasing cyber-attacks in countries. Recent key highlights of the Tokenization Market include the launch of India’s first CoF (card-on-file) tokenization services in India by Visa and the launch of the NPCI (National Payments Corporation of India) Tokenization System (NTS) to support tokenization of RuPay cards.
