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Payment Security Global Market Report 2022

·5-min read
ReportLinker
ReportLinker

Major players in the payment security market are CyberSource Corporation, Elavon, Bluefin Payment Systems LLC, Ingenico, SISA Information Security Pvt Ltd, Shift4 Corporation, TokenEx LLC, Signifyd, Broadcom Inc, GEOBRIDGE Corporation, Thales Group, Intelligent Payments, Transaction Network Services (TNS) Inc, Mastercard and SecurionPay.

New York, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Payment Security Global Market Report 2022" - https://www.reportlinker.com/p06318527/?utm_source=GNW


The global payment security market is expected to grow from $21.47 billion in 2021 to $24.66 billion in 2022 at a compound annual growth rate (CAGR) of 14.83%. The payment security market is expected to grow to $43.13 billion in 2026 at a compound annual growth rate (CAGR) of 15.01%.

The payment security market consists of sales of payment security solutions and services by entities (organizations, sole traders, and partnerships) that are used to provide the customer with data security and to avoid unauthorized transactions and data breaches.It refers to rules, regulations, and security mechanisms in place to safeguard the privacy, data, and transactions of a customer or partner.

Payment security aims to prevent money laundering, fraudulent transactions, and data breaches. Payment security can be executed by various methods including tokenization, 3D security, AVS (address verification service), fraud screening tools and others.

The main types of solution provided in payment security market are encryption, tokenization and fraud detection and prevention.The encryption is a technique for security and fraud prevention that automatically breaks apart and reorders data before it is transferred over telephone lines or the internet.

Encryption is used to protect data in transit and data at rest.The services offered by payment security are integration services, support services and consulting services to the large enterprises and small and medium-sized enterprises (SMES).

The industries using payment security include retail, travel and hospitality, healthcare, it and telecom, education, media and entertainment, others (automotive, financial services, and manufacturing).

North America was the largest region in the payment security market in 2021. The regions covered in the payment security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The payment security market research report is one of a series of new reports that provides payment security market statistics, including payment security industry global market size, regional shares, competitors with an payment security market share, detailed payment security market segments, market trends and opportunities, and any further data you may need to thrive in the payment security industry. This payment security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The increasing adoption of digital payment modes is expected to propel the growth of the payment security market.Digital payments offer a quick, safe, and convenient method to buy goods and services.

Consumer trust and concerns about fraud and security in digital payment are critical for future use of digital payment cards.Payment security measures ensure to prevent any fraud and concerns regarding payments.

The increasing adoption of digital payment modes will create significant demand for payment security solutions as these are essential for secured payment transactions. For instance, according to the Press Information Bureau (PIB) of India, in March 2022, digital payment transactions have increased exponentially in the last four years, from 3,134 crores (31.34 billion) in FY 2018-19 to 5,554 crores (55.54 billion) in FY 2020-21. A total of 7,422 (74.22 billion) crore digital transactions were reported until February 28, 2022, in the current fiscal year 2021-22. Bharat Interface for Money-Unified Payments Interface (BHIM-UPI) emerged as customers’ favorite payment platform, with 452.75 crores (4.52 billion) digital payment transactions worth ?8.27 lakh crore ($106 billion) completed by February 28, 2022. Similarly, according to the Commonwealth Bank, the number of monthly digital wallet transactions between March 2020 and March 2021 increased by 90%, with the rise in the number of transactions from 36 million to 68 million. Therefore, the increasing adoption of digital payment modes will drive the growth of the payment security market.

Technological advancement is a key trend gaining popularity in the payment security market. Three-Domain Secure 2.0 (also known as 3-D Secure 2.0 or 3DS 2.0) is a recent improvement in digital transaction security technology. As there is a rise in the adoption of digital payments, technological advancements are growing to secure transactions in digitalized payment platforms. 3-D Secure 2.0 is a security measure that adds an extra layer of fraud protection for online credit or debit card purchases. This technology detects and prevents fraud using an unprecedented amount of contextual data. It creates an authentication pipeline between online merchants, payment networks, and financial institutions, allowing all parties to more easily share and analyze intelligence about the authenticity of a purchase. Key players are focusing on offering 3-D Secure 2.0 payment security to customers to effectively secure transactions and strengthen their position in the market while enhancing their services. For instance, in July 2020, Visa Inc., a US-based payments technology company partnered with an Indian banking company Federal Bank to offer "Visa Secure" to the bank’s cardholders. "Visa Secure" is a technology built on EMVCo 3DS (3D Secure) 2.0 protocol that allows customers to check out faster and with less friction. It provides an extra layer of authentication for issuers and merchants making the e-commerce highly secured at the point of purchase.

In May 2022, TokenEx, a US-based company offering cloud-based data security services for digital payments announced the acquisition of Auric Systems International, for an undisclosed amount.Through this deal, TokenEx will acquire Auric System’s AuricVault® service, a secure data storage service and aims to expand its presence in Latin America and Africa.

Auric Systems International is a US-based company offering tokenization services.

The countries covered in the payment security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06318527/?utm_source=GNW

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