Tokenization will play a fundamental role in the future of omnichannel payments. Wallets and payments are transforming rapidly, and there is still plenty of growth for competition. But with tokenization to keep payment data safe, consumers will be far less willing to embrace new solutions. Bitcoin has a leg up over its competitors in this regard.
Consumers are eager to try new payment methods, but they are also more aware of how their personal data is being used. Any concept or solution that does not seem capable of safeguarding that information will not gain any traction. Over the past few years, there have been far too many data breaches where sensitive user information was stolen.
Tokenization Matters More Than People Think
Diverse payment channels inherently bring more risk to the table. More points along the centralised payments chain equal more opportunities for criminals to obtain payment information.More mainstream-oriented solutions, such as EMV protection for payment cards, has proven to be unsuccessful so far. That is mostly due to merchants and consumers sticking to having their card swiped at all times.