Due to emergence of new payment technologies, chances of new security threats such as data breaches in the form of ransomware attacks and hacking are increasing. In order to overcome these issues, enterprises are continually looking for a payment landscape that constantly evolves. Point-to-point encryption (P2PE) is a security standard established by the PCI Security Standards Council to provide a payment security solution.
Point-to-point encryption immediately converts the payment card (credit or debit card) information into an illegible code. When the card is first swiped, the data gets securely transferred to the payment processor before it can be decrypted and processed. This prevents hacking or fraud. It reduces the risk of theft of the customer’s data and allied costs.
The point-to-point encryption standard illustrates the requirements for a solution to be accepted as a payment card industry (PCI) compliant. A point-to-point encryption solution is a combination of hardware, software, applications, and processes. The provider of the point-to-point encryption payment solution must adhere to the PCI standards and get the solutions audited and validated from the PCI so as to assure enterprises that the data is secured.
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Increasing adoption of digital payment modes, rising requirement for adherence to PCI guidelines, and growing fraudulent activities on e-commerce are driving the point-to-point encryption payment market. On the other hand, lack of trust in online banking would restrain the oint-to-point encryption payment market during the forecast period.