With the rising number of digital payments, such as credit/debit payments, mobile wallets, and online payments, it is expected to boost the payment security market globally over the forecast period.
New York, Oct. 12, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Payment Security Market - Growth, Trends, Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05976767/?utm_source=GNW
- The growing number of data breaches is also one of the primary factors contributing to the growth of payment security market. These growing data breach cases are also increasing the financial losses due to it. Hence, thriving the demand for payment security solutions.
- The growing popularity of payment security solutions can also be attributed to the requirements of Payment Card Industry Data Security Standard (PCI DSS) guidelines, increasing awareness among the end-user towards payment security and government initiatives towards promoting the cashless mode of payments.
- Moreover, recent technological innovations in the mobile commerce have enabled users to conduct digital transactions from their smartphones, such as purchasing goods and applications over wireless networks, redeeming coupons and tickets, banking, processing point-of-sale payments.
- The demand for mobile payment security software solutions has increased owing to the growing usage of wireless networks among individual consumers. The augmented utilization of wireless networks in mobile devices for payment in retail stores has increased the need for mobile payment security software.
- With the recent outbreak of COVID-19, the payment security market is expected to witness significant growth, owing to an increased usage of digital payment services.A report issued by the ACI in April 2020 shows that real-time payments were expected to surge amid the Covid-19 situation, with more than half a trillion transactions and a compound annual growth rate of 23% between 2019 and 2024.
Key Market Trends
Retail Sector to Witness High Growth
- With the increasing usage of mobile payments in the retail industry primarily in the e-commerce sector is boosting the payment security market. The major economies such as the United States, China have witnessed a considerable rise in retail e-commerce sales which has now become a key area of concern for consumers and financial service providers due to the security of mobile banking and payments, which provides the mobile payment security software market scope to grow.
- Retail e-commerce sales are rapidly increasing owing to a combination of government support, increased smartphone penetration, and applications usage, and the promise of better shopping experience is likely to boost the market growth forward.
- Mobile technologies, powered by the complementary technologies of cloud, analytics, and social mobile payments are expected to grow further, which will drive the market further.
North America occupies the Largest Market Share
- North America’s strong financial position enables it to invest heavily in advanced solutions and technologies, which has provided the organizations in this region a competitive edge in the market.
- Moreover, the region has the presence of several payment security vendors, such as CyberSource Corporation, Elavon Inc., Geobridge Corporation, and TNS Inc. among various others which is one of the factors driving the market in this region.
- With the changing retail market and growing E-commerce sales in this region, it is the primary factor that is raising the demand for a fast payment solution, which, in turn, drives the need for the payment security market.
- Moreover, with an average consumer using more than one card at a time and also online payments growing four times faster than retail payments, the credit card market is booming, hence, creating an opportunity for the payment security market.
The payment security market is highly competitive owing to the presence of many players running their business in domestic as well as international locations. The market appears to be moderately concentrated and the key strategies adopted by the major players are technological innovations and mergers and acquisitions. Some of the major players in the market are CyberSource Corporation, Braintree Payment Solutions, LLC, Ingenico Group, Elavon Inc. among others.
- April 2020 - Bluefin Payment Systems LLC partnered with Payway to provide Bluefin’s PCI-validated Point-to-Point Encryption (P2PE) solution to clients utilizing the Payway platform. Payway offers a cloud-based SaaS payment solution designed to give organizations total transparency into their card-not-present transactions.
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