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Payment security refers to the system which is designed for contracting & subcontracting compensated even in case of dispute. It includes interim arbitration decisions and a system of progress payments. These systems legally necessitate a company to pay an account within a set number of days. Payment security software provides a secure platform to carry out online transactions limiting frauds associated with errors and identifying theft to a large extent. Usage of wireless gateways has added security in computing devices for payments which have further increase the need for payment security software.
According to study, “North America Payment Security Market (2018-2023)” major companies operating in the North American region payment security market are SISA, CyberSource Corporation, Bluefin, Braintree, Elavon, Moneris Solutions Corporation, Index, TokenEx, LLC., GEOBRIDGE Corporation, Transaction Network Services (TNS) Inc., Shift4 Corporation. Key players are innovating constantly and progressively expanding through strategic mergers & acquisitions, modernization, increase in investments in research & development and cost-effective product assortment.
On the basis of the component, the payment security market is segmented into many solutions and services such as encryption, fraud detection & prevention, tokenization (3D secure), contactless near field communication (NFC), support services and consulting services. On the basis of applications, the market is segmented into e-banking, e-commerce transactions, direct debit transactions, micropayments, and mobile payments. Based on organizations size, the market is segmented into large enterprises and SMEs.
In the North American region, Canada has mandated changes for a visa like introducing Stored Credential Transaction Framework, Magnetic-Stripe Fallback etc. In addition, Morris Solutions Corporation recognized the significance of fraud protection and has integrated some of the significant changes to minimize the risk of merchants. In other countries such as the U.S and Canada people optimism in the adoption of mobile wallets& other digital payment options. In addition, the risk of data safety threatening the digital payment platforms, thus improved payment security management is necessary for making users comfortable with mobile payments.
The North America payment security market is driven by growing propagation of smart-phones. Some of the other driving features are increased in use of digital modes of payment, acceptance of wearable technology, growing urbanization & population, cumulative adoption of m-commerce & e-commerce and rising necessitate for payment card industry (PCI)data security standard(DSS)fulfillment. However, some of the challenges include an increasing number of regulations, lack of awareness among potential customers, lack of trust in online transactions, payment networks and intermediaries. In addition increase in the use of varied payment methods across industry further adding new sectors and opportunity to this market.
North America provides the significant opportunity due to increasing demand for protected payment gateways. The payment solutions give various fraud analytics solutions, for instance, big data & predictive analytics, which help to detect & avoid frauds. In upcoming years, it is estimated that this market will be grown fast due to the rising adoption of PCI DSS compliance, Fraud detection & prevention solutions.
It is estimated that the North America payment security market to reachUS$13.1 billion, a CAGR of 13.4 %, by 2023. It is anticipated that the market to grow due to increase competition followed by open banking regulations.
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Ankur Gupta, Head Marketing & Communications