White-box Cryptography: The Future of Payment Tokenisation
As a result of hardware implementations being too variable to rely upon hardware-based keys in all situations, white-box cryptography has become one of many elements in the greater mobile payment security model.
White-box cryptography refers to when cryptographic algorithms assume that hostile actors have access to all the aspects of the cryptographic process and have control over the execution platform and software implementation itself. While tokenisation provides ‘over the air’ payment credential security, white-box cryptography is used to for the protection of cryptographic operations and data and is commonly associated with securing contactless payments with NFC.
Security of IoT Payment Devices Still a Concern
This security model includes a combination of white-box cryptography, tokenisation and other hardening techniques such as anti-tampering capabilities. This is representative of the increasing complexity of processing and securing mobile devices from the actions of malicious actors.
However, it must be noted that due to the growing diversity of IoT devices, applying the model of security is unlikely to be applicable for every device, as the presence of these cryptographic chips cannot be guaranteed. That said, continual innovations within the IoT industry mean that suitable alternatives are likely to exist within the next few years which could further heighten security for IoT payment devices.
PCI SPoC
The PCI SPoC standards sets out eight primary requirements any organisation that implements white-box cryptography for mobile payments must comply with. This adds further complexity to the process of adding white-box cryptography for mobile use; meaning that specialist tools will be required to successfully manage the process.
By their very nature of white-box cryptography, the encryption key and algorithm are inextricably interlinked, so that they key cannot be identified while the algorithm is being used. Whilst this provides strong security; altering the encryption key poses a significant challenge, especially as mobile devices are changeable objects.
Our latest research found:
- The total volume of tokenised payment transactions will surpass 1 trillion by 2026, rising from 680 million in 2022; representing absolutel grwoth of 58% over the next 4 years.
- It attributed this growth to the rise of ‘one-click’ solutions, such as Click-to-Pay, that use card-on-file tokenisation to store a customer’s payment credentials, enabling them to auto-fill their checkout details and complete transactions via a single click.
- Tokenisation growth is being driven by increasing adoption of one-click solutions by merchants within eCommerce to reduce friction, and by card networks, who are encouraging mass adoption of tokenisation at the network level to improve payment approval rates.
- The volume of tokenised online and mobile eCommerce transactions is anticipated to grow by 74% by 2026. This growth is driven by the increasing customer expectation of a frictionless checkout experience, which one-click solutions via tokenisation offer.
- IoT payments offer the largest growth amongst the tokenisation market over the next five years, with tokenised IoT transactions expected to reach 19 billion by 2027; growing 400% from just 3.8 billion in 2022. Tokenisation is critical in facilitating IoT payments; enabling transactions to be made via new use cases and form factors, unlocking new revenue opportunities for payment providers.
Latest research, whitepapers & press releases
-
ReportOctober 2026Fintech & PaymentsCrypto-gaming Market: 2026-2035Our Crypto-gaming Market research suite provides an insightful analysis of this rapidly growing market; enabling stakeholders - from crypto-gaming and sportsbooks operators, prediction market platforms, business-to-business (B2B) gambling platforms and software providers, to crypto payment processors and regulators - to understand future growth, key trends, and the competitive environment.
VIEW -
ReportOctober 2026Telecoms & ConnectivityRetail Roaming Market: 2026-2031Our Retail Roaming research suite for mobile network operators (MNOs) and mobile virtual network operators (MVNOs) provides detailed analysis and strategic recommendations for the next era of retail roaming.
VIEW -
ReportSeptember 2026Fintech & PaymentsEmbedded Finance Market: 2026-2031Embedded finance is one of the fastest-growing markets in financial services, and is about to accelerate even further. Our Embedded Finance Market research provides detailed analysis of the key drivers behind this growth, and what these mean for stakeholders in this market.
VIEW -
ReportSeptember 2026Identity & SecurityApplication Security Market: 2026-2031Our Application Security research suite provides detailed analysis of this emerging market; allowing application security providers to gain an understanding of key security trends and challenges, potential growth opportunities, and the competitive environment.
VIEW -
ReportSeptember 2026Fintech & PaymentsBanking Fraud Prevention Market: 2026-2031Our Banking Fraud Prevention research suite provides a comprehensive and in-depth analysis of the types of fraud currently impacting the banking sector, and the evolving methods that can be used to overcome them.
VIEW -
ReportSeptember 2026Telecoms & ConnectivityPrivate LTE & 5G Networks Market: 2026-2031Our Private LTE & 5G Networks research suite provides detailed and insightful analysis of this evolving market; enabling stakeholders - from private LTE & 5G network platform specialists, mobile network operators, and diversified technology companies - to understand future growth, key trends, and the competitive environment.
VIEW
-
WhitepaperOctober 2026Fintech & PaymentsCompliance or Anonymity - The Crypto-gaming Operator’s Dilemma
Our complimentary whitepaper, Compliance or Anonymity - The Crypto-gaming Operator’s Dilemma, analyses the current regulatory landscape of the crypto-gaming market.
VIEW -
WhitepaperOctober 2026Telecoms & ConnectivityReimagining the Future of Retail Roaming – How Mobile Network Operators Must Adapt
Our complimentary whitepaper, Reimagining the Future of Retail Roaming – How Mobile Network Operators Must Adapt, explores the emerging opportunities for MNOs within retail roaming.
VIEW -
WhitepaperSeptember 2026Fintech & PaymentsEmerging Markets: The Next Opportunity for Embedded Finance
This free whitepaper examines how a combination of multiple factors is driving North America towards saturation for embedded finance.
VIEW -
WhitepaperSeptember 2026Emerging TechnologyVibe Coding: The Fastest-growing Threat to Application Security Today
Our complimentary whitepaper, Vibe Coding: The Fastest-growing Threat to Application Security Today, examines the state of the application security market; considering its impact on different verticals, and how it is being employed in these verticals to best combat malicious attackers and keep sensitive data safe.
VIEW -
WhitepaperSeptember 2026Fintech & PaymentsThe Fraud Frontier: Securing Banking in an AI-driven Era
Our complimentary whitepaper, The Fraud Frontier: Securing Banking in an AI-driven Era, examines the rapidly evolving state of the banking fraud prevention market.
VIEW -
WhitepaperSeptember 2026Telecoms & ConnectivityHow Private Cellular Networks Are Unlocking Industry 4.0
Our complimentary whitepaper, How Private Cellular Networks Are Unlocking Industry 4.0, examines how private LTE & 5G networks are reshaping the way industry works.
VIEW
-
Fintech & Payments
The 25th NextGen Payments & RegTech Forum Arrives in Athens, Greece
October 2026 -
Fintech & Payments
Crypto Gaming: Wagers to Reach $1.3 Trillion by 2035, as Crypto Rails Widen Global Access Despite Regulatory Challenges
October 2026 -
Fintech & Payments
Juniper Research Unveils Identity & Security Award Winners for 2026
October 2026 -
Retail Roaming Revenue to Fall $4 Billion By 2031, as Regulatory Restrictions and Competition Bite
October 2026 -
Fintech & Payments
Soft POS to Surpass 100 Million Installations in 2030
September 2026 -
Fintech & Payments
The NextGen Payments & RegTech Forum Arrives in Dubai
September 2026