etThe global payment security market size is expected to exhibit strong growth by reaching USD 47.02 billion by 2028. As per the report titled “Payment Security Market Size, Share & COVID-19 Impact Analysis, By Offering (Solution {Encryption, Tokenization, Fraud Detection and Prevention} and Services, Integration Services, Support Services, Consulting Services), By Platform (Web Platform and PoS Platform), By Transportation Mode (Banking Cards, Digital Wallets, Internet Banking, Point of Sales and Others), By Industry Vertical (Retail, Travel and Hospitality, Healthcare, I.T. and Telecom, BFSI, Media and Entertainment and Others), By Organization Size (Large Enterprises and Small and Medium-Sized Enterprises) and Regional Forecasts, 2022-2028″ observes that the market size in 2021 stood at USD 19.5 billion and USD 47.02 billion in 2028. The market is expected to exhibit a CAGR of 15.8% during the forecast period.
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Bluefin, Partnered with Waystar to Enhance Payment Security for Healthcare Payments
In July 2022, Bluefin, a tokenization and encryption technology provider that secures payments and sensitive data, partnered with Waystar, a provider of healthcare payment software, to provide improved payment security for healthcare payments. The agreement also includes Bluefin's PCI-validated point-to-point encryption solution and payment gateway via Waystar's software.
Rising Use of Digital Payment Methods is Expected to Fuel the Growth
The rapid expansion of e-commerce, the widespread adoption of connected devices worldwide, changes in consumer purchasing habits, technological advancements, and governmental policies and regulations significantly changed digital payments in recent years. Digital payment systems, including internet banking, mobile money, and card payments, have recently seen a dramatic increase in popularity. This trend is a crucial part of international measures to advance financial inclusion. Globally, this trend is being driven by an increase in legislative incentives to adopt digital payment systems and smartphone usage, e-commerce sales, and internet access.
Security worries and a lack of qualified professionals will limit market expansion
Phishing scams, hacking tools, illegal access, and unprotected mobile wallets are security risks that put users' data and information at risk. Determining the type of user data protection is similarly difficult. Additionally, companies continue to experience issues with data security and a shortage of qualified personnel, limiting market growth. For example, a PEW survey found that American consumers felt that mobile payments were “poorly safeguarded” (38%) compared to prepaid (28%), debit (22%), and credit cards (9%).
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Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the payment security market plan acquisitions to improve their brand recognition globally. For instance, in March 2022, Partnering with Capitec Bank Entersekt, a device identification and authentication solutions provider. Through this partnership, an innovative 3-D EMV security solution has been implemented, enhancing the security of online payments while lowering cardholder friction.
Notable Industry Development
November 2021: First Tech teamed with the multinational technology business Thales. This alliance aided SWAP, a financial services provider with venture capital backing, in establishing a cutting-edge digital payments infrastructure. This cutting-edge payment security architecture with Thales helps SWAP make a quicker transition to the market.
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List of Key Players Profiled in the Report
- Systems LLC (U.S.)
- Braintree (U.S.)
- Cybersource (U.S.)
- Elavon (U.S.)
- Ingenico (France)
- Broadcom, Inc. (U.S.)
- Thales Group (France)
- Shift4 Payments, LLC (U.S.)
- Signifyd (U.S.)
- TNS, Inc. (U.S.)
- Tokenex (U.S.)
- SISA Information Security Pvt. Ltd. (India)
- Stripe (U.S.)
- Geobridge Corporation (U.S.)
- MasterCard (U.S.)
- Verifone Systems Inc. (U.S.)
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