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SmartCard Marketing Systems Inc. (OTC:SMKG): Tokenization Market to Reach $13.23 billion by 2030.
SmartCard Marketing Systems Inc. (OTC:SMKG): Tokenization Market to Reach $13.23 billion by 2030..
About this update from Smart Card Marketing Systems, Inc.
[{"type":"text","content":"SmartCard Marketing Systems Inc. (OTC:SMKG): Tokenization Market to Reach $13.23 billion by 2030.The company SMKG highlights its Digital Asset Token and Crypto Issuing technology OriginatorX, NFTlimitedseries & Granularchain which are becoming vastly recognized with Financial Institutions and Enterprises as a Fast-Track to Market for Issuing, Managing Digital Asset Tokenization and Crypto Issuing. Recent Industry NewsAccording to a new market research report titled, 'Tokenization Market by Offering (Solutions and Services), Application (Payment Security, User Authentication, Compliance Management), Organization Size, End-use Industry (Retail, Healthcare, BFSI, Others), and Geography - Global Forecast to 2030', the tokenization market is expected to reach $13.23 billion by 2030, at a CAGR of 19.7% from 2023 to 2030 stats or growth digital tokenizationWhat is Tokenization: Tokenization is the process of exchanging sensitive data with some surrogate values or tokens. The token is a unique identifier that retains all the relevant information about the data without compromising its security. Tokenization helps improve enterprises' operational efficiency and enhances productivity. The proliferation of digital payment methods is expected to drive tokenization market growth.As security breaches and threats have become more common in digital payments, businesses and consumers look for solutions to limit the exposure of risk and improve compliance obligations. Additionally, the decline in payment cards is increasing due to fraud and inaccurate or outdated information, resulting in loss of sales and poor customer experience. Thus, businesses are adopting network tokenization as one of the optimal payment solutions to overcome such barriers. Tokenization replaces the customer's primary account numbers (PANs) and other card details with a token and directly communicates with the issuing bank to verify the card's legitimacy, preventing card declines. According to Visa (U.S.), in November 2022, payment transactions using network tokens can reduce fraud by nearly 26% and have an average authorization rate increase of 2.2%. Thus, the rising adoption of different payment modes has accelerated the demand for tokenization solutions as secure payment processing facilitates the transfer of online payments, client data, and other sensitive in...