You could try base64 maybe? The above would be: Z3nFNDK4ut8Em7nYkkpXhd2IckM= (28 chrs)
base64 uses A-Z, a-z, 0-9, and the + and / characters to encode 6 bits per character. That means you can encode every 3 bytes (or 6 hex) in 4 characters (since 3 * 8 bits = 4 * 6 bits). If the data are not a perfect multiple of 3 bytes, the last group of 4 characters gets padded out with = signs.