New Product Launches are the Key Strategies Adopted in the Payment Security Market
Payment security solutions and services help merchants to allow their customers to make secured electronic transactions in return for goods or services. Payment security solutions and services largely reduce the scope of PCI DSS compliance for the merchants by storing and processing all payment data outside the merchant’s network. Key solutions offered in the market are encryption, tokenization, and fraud detection and prevention. PCI DSS defines the guidelines for the implementation of encryption and tokenization solution, which a payment security vendor implements on its server and earns a PCI DSS certificate to deliver payment security services. Fraud detection and prevention solutions are also employed by payment gateways, payment processors, or banks to prevent any fraudulent activity that are aimed at conducting unauthorized transactions. MarketsandMarkets expects the global payment security market to grow from USD 11.39 Billion in 2017 to USD 24.63 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 16.7%. The market is driven by increased adoption of electronic payment modes, need to adhere to PCI DSS guidelines, and rising number of fraudulent activities in eCommerce.
The key payment security vendors include Braintree (Illinois, US), CyberSource Corporation (California, US), Elavon (Georgia, US), Index (Nevada, US), Ingenico ePayments (Hoofddorp, Netherlands), Intelligent Payments (Gibraltar), GEOBRIDGE Corporation (Virginia, US), Shift4 Corporation (Nevada, US), Transaction Network Services (TNS) Inc. (Virginia, US), and TokenEx, LLC (Oklahoma, US). Partnerships and new product launches are the key strategies adopted by the market players to offer feature-rich products and services to their customers and penetrate deeper into untapped regions.
CyberSource is among the leading providers of payment security solutions and services to a variety of industry verticals across the globe. The company has a noteworthy presence in many countries across the regions of North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America and is currently serving around 475,000 businesses in 190 countries and territories. The company has formed alliances with various payment service providers, technology platform providers, and system integrators to expand its customer base and serve untapped regions. In the last 2 years, the company further expanded its partner ecosystem with the inclusion of HCL in January 2016, CrossView in October 2015, Verifone in June 2015, and Amadeus in June 2014.
Elavon is another key payment security vendor with over 1 million customers across the regions of North America, Europe, and Latin America. Elavon focuses on leading the payment security market through innovations and the expansion of its partner ecosystem. In 2017, the company entered into various important partnerships with the leading companies. In June 2017, it teamed up with Infor, Poynt, and Google to provide payment security solutions for the hospitality industry, to bring Poynt's advanced payment device to the European market, and to assist Canadian consumers to make payments through the Android Pay mobile payment technology, respectively. In April 2017, Elavon teamed up with 3dcart to offer businesses a complete shopping website accompanied by Elavon's secure payment options.
Related Reports:
Payment Security Market by Solution (Encryption, Tokenization, and Fraud Detection and Prevention), Service (Integration, Support, and Consulting), Organization Size (Large Enterprises and SMEs), Industry Vertical, and Region - Global Forecast to 2022
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