Market Snapshot:
Security of Payment refers to the system which is designed to ensure that the contractors and sub-contractors are paid even in the case of dispute. The payment done through any medium or over a website must be secured in case of payment security. The market of security related payment is increasing due to the advancement in technology of electronics, moreover mobile based payments like google pay and other kind of same is trending in the market, which is creating or opening the new door towards the [payment security
The research analyst at AMA estimates Payment Security market to grow at a compounded annual growth rate of 16.2%
Market Drivers
- Growing in the adoption of electronic transactions and the emergence of mobile-based payments
- Rise in fraudulent activities in e-commerce
Market Trend
- Increasing spending of consumers on travel and hospitality
- The advent of artificial intelligence (AI) and machine learning
Restraints
- Though the payment is secured then also sometimes there is a risk of being hacked
- Occurrence of data breach
Opportunities
IoT is helping in improving the accuracy of financial rules and data modeling and An increasing number of government initiatives towards securing digital payments
Players Covered in the Study are:
Braintree (United States), Ingenico ePayments (Netherlands), Intelligent Payments (United Kingdom), GEOBRIDGE Corporation (United States), PayPal Holdings (United States), Elavon (United States), Index (United States), Shift4 Corporation (United States), Transaction Network Services (TNS) Inc. (United States), TokenEx, LLC (United States) and CyberSource Corporation (United States)
The Global Payment Security market is gaining huge competition due to involvement of United States companies that constantly invest in research & development to meet market expectation with new innovation.
Industry Insights:
MasterCard partnered with IFC (a member of World Bank Group), to drive financial inclusion, updating a USD 250 million global risk-sharing facility to expand access to electronic payments in emerging markets and MasterCard and Dynamics Inc, collaborated to develop expanded suite of secure and feature-rich payment card solutions
What can be explored with Payment Security study:
• Where Payment Security industry stands in scaling its end use implementations
• What concrete benefits would result from scaled initiatives by Players
• Where Players should focus their investments cycle
• Key success factors and recommendations for upscaling future growth.
• Target Market / Country and Key Business Segments