Even before the start COVID-19 pandemic, global retail e-commerce income had been steadily increasing. The pandemic has simply accelerated the adoption of e-commerce software. However, e-commerce payment fraud remains a serious problem around the world. Payment fraud increased in 2020, adding to the pandemic's extraordinary logistical, safety, and regulatory concerns. The digital wallet sector claimed the highest percentage of the overall payment security market based on payment modality. Fraudsters came in to take advantage of new routines and distracted consumers as commerce changed from physical stores to online and away from cash and physical cards.
Payment security software is a sort of data security software that detects vulnerabilities, hazards, and dangers in a payment transaction system and protects against hostile intruder attacks. This aids banks in streamlining and automating financial management procedures, maintaining accurate records and enhancing operational efficiency in recurrent processes like invoicing and reconciliation. Increased customer acceptance of digital payment modes and the requirement to follow payment card industry data security standard (PCI DSS) standards are two major reasons driving the market's global expansion.
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High Instances of Data Breaches Projected to be a Primary Factors Contributing to the Growth of Payment Security Market
Major drivers influencing market growth include the emergence of payment-enabled mobile phones, linked and real-time marketing, the social media effect, and the rising transition to QR code-based transactions. The market is growing due to a rise in consumer demand for digital payment modes and an increase in the popularity of mobile and online payment among the youth of developing countries. As a result, there has been a worldwide buzz about online transaction fraud and scams. This is predicted to have a beneficial impact on the payment security market's growth.
Furthermore, demand for specialised, secure, and customized payment processing continues to rise, accelerating the market's adoption of payment security software. High investments in digitalized payment platforms, as well as the adoption of new technologies such as artificial intelligence, analytics, big data, machine learning, and chatbots, as well as rapid domestic business expansion, are expected to create opportunities for payment processing solution providers in the market.
The Asia-Pacific Payment Security Industry is Predicted to Develop at the Fastest Rate During the Forecasted Period
As various banks and financial institutions adopt new business models, developing economies present considerable opportunity for payment security software suppliers to increase their capabilities. Moreover, consumers in Asia-Pacific have been using cards or mobile applications instead of cash to avoid contact during the COVID-19 outbreak, and these users want to keep their digital payment habits even after the pandemic is finished. This is expected to aid the region’s dominance over the global payment security market.
Due to the large number of firms operating in both domestic and foreign markets, the payment security market is extremely competitive. Elavon Inc., Braintree Payment Solutions, CyberSource Corporation, LLC, Ingenico Group, and Elavon Inc. are among the market's top players.
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