Global Payment Security Market Research and Forecast 2017-2022

The Global Payment Security market is anticipated to witness an impressive growth rate during the forecast period. Payment Security market is expected to grow impressively with a CAGR of 17% during 2017-2022. Rising incidences of identity theft and online fraud had led the customers to feel cautious about giving out their personal data and credit card information online. Digital banking are growing across the globe and are affected by growing online frauds. Preventive measures are considered to be key factors in the contest against fraud with payments on the internet. Several numbers of payment security companies such as Braintree, Cyber Source Corporation and Elavon, are paying efforts to build reliable and safe platform for securing transactions. The pivotal factors that are contributing in the growth of payment security market include adoption of digital payment modes, compliance of Payment Card Industry (PCI) Data Security Standard (DSS) guidelines, acceleration of e-commerce and so forth. Furthermore, advancement in technology and rise in online transactions are also estimated to contribute in the growth of the market.

APAC region is growing considerably and expected to contribute significantly in the growth of global payment security market. APAC region countries such as India, China and Japan have shown a remarkable growth in E-Commerce domain. India successfully changing the way people transact and become home to estimated 3,000 e-commerce hubs, and more than 1,200 rural hubs, 390 export hubs and 2,000 import hubs. The rising demand of e-commerce services has been boosting the growth of payment security market due to the implementations of Europay Mastercard and Visa (EMV). Rising security concern will drive the payment security market in near future. EMV chips cards in several online stores and brick and mortar locations in the U.S. are major targets for cyber frauds and data forgeries. Additionally, according to the U.S. payment forums, more than 70% of the online merchants have reported the CNP Frauds in the year 2015. A noticeable number of Card Not Present (CNP) frauds have been detected across the Europe after its implementation. Similar trends can be prevented by retailers to be more concerned about the security and their e-commerce payments. A payment gateway is an e-commerce based service provider that eases the payments done through credit cards for regular brick and mortar business, e-businesses and online retailers. It makes possible the information transfer between an acquiring bank or a front end processor and a payment portal like a website, mobile phone and so on. Adoption of e-commerce payment gateway service is a must while operating an online business.

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Related Report: ICT Market

Advancement in technology, partnership and collaboration are key strategies adopted by the market players which are boosting the growth of payment security market. In 2014, MasterCard and Dynamics Inc, collaborated to develop expanded suite of secure and feature rich payment card solutions. The cards come with multiple applications stored on the card itself, assuring its compatibility across existing Point of Sale (POS) terminals. In context to security aspects, these interactive payment cards contain a display and keypad to meet the purpose. Whenever a consumer enters the correct unlocking code into the buttons of the card, the payment card number is provided on a display (for online use) and is written to the stripe (for in-store use). However, there are certain factors that are hindering the growth of the market. Security concerns for online banking and low awareness about online payments are considered to be some of the restraining factors for the growth of the market.

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