Source- Mordor Intelligence
Hyderabad, Jan. 27, 2023 (GLOBE NEWSWIRE) — The use of a tokenization solution, the concept of a surrogate being used to replace the sensitive value, has been prominently used in payments and financial services for a considerably long period of time. However, the consumer-driven demand for smart devices, coupled with rapidly changing technologies, has the industry buzzing about innovations and advancements in tokenization solutions.
Increasing e-commerce sales and faster internet would foster the expansion of the payment gateway sector. Modern payments, smartphone transactions, and a growth in online credit card payments have caused retail to depart from conventional business structures. Retailers are working to create cutting-edge mobile payment solutions, manage risk, and provide excellent online and offline customer experience. Although certain aspects of this evolution will occur spontaneously, many parties will have many possibilities to influence the final product.
For instance, in August 2022, Mswipe Technologies, a financial services platform, declared that the Reserve Bank of India granted it an in-principal Payment Aggregator (PA) license (RBI). Mswipe will be able to create its own internal online payment mechanism with this approval. The PA License will enable the business to facilitate the exchange of digital payments between customers and merchants.
Furthermore, the technological advancements in payment gateways have led to a large and expanding payment gateway market and a significant increase in the use of BFSI. The industry is anticipated to grow due to increased demand for quick mobile payments and the usage of mobile banking channels. As consumers’ preferences migrate to digital payment technology, they expect a perfect user experience from mobile wallets. Also, to manage the surge in digital payment volumes, there will be a growing need for safe and dependable payment gateways, states Ashish Gautam, Research Manager at Mordor Intelligence. Furthermore, having a solid payment infrastructure is essential for digital commerce businesses, given the rapid pace of innovation in the digital economy.
For instance, in January 2022, a tokenization solution that works across significant card networks was introduced by Pine Labs, an online merchant commerce platform, in accordance with new data security rules by the Indian central bank that took effect on January 1, 2022. A cardholder’s debit or credit card information will be replaced with what is referred to as “tokens” or randomly generated numbers using a “Plural Tokenizer” Card-on-File or CoF tokenization system. It uses OTP-based two-factor authentication, ensures each transaction has a unique cryptogram, and issues tokens to merchants for specific use cases that can only be used within those use cases (CoF) or domains (F2F).
Similarly, in November 2022, a major provider of Web 3.0 native payment solutions, Airswift, announced the release of Airswift Connect. This full-stack payment gateway connects seamlessly with online stores of merchants, enabling them to take cryptocurrencies globally.
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