Payment Security Market Share Boosted by Rising Need for Safety Measures 2030
In an era of digital transformation, the world is witnessing a significant shift towards cashless transactions. Government initiatives to promote online payment systems have spurred this transformation, replacing the traditional reliance on physical cash. However, as online payments gain popularity due to their convenience, the prevalence of cybercrimes and fraud raises concerns among consumers.
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To address these security challenges, the payment security market is poised for substantial growth. Ensuring the protection of customer data and preventing data breaches and unauthorized transactions has become imperative. By taking the necessary steps to implement robust payment security measures, businesses can earn the trust of their customers and alleviate their concerns about adopting online payment modes.
Rising Rate of Ransomware to Trigger Adoption of Payment Security Measures
One of the driving forces behind the adoption of payment security measures is the escalating threat of ransomware attacks. These attacks are not only on the rise but are also becoming more high-profile. In fact, according to SonicWall’s 2021 analysis report, ransomware attacks increased by a staggering 62% globally between 2019 and 2020.
The growing use of cryptocurrencies like Bitcoin has further fueled the rise in ransomware attacks. Cryptocurrencies, still in their nascent phase, are difficult to trace, making them attractive targets for hackers. As a result, the need for safety measures such as payment security solutions has become critical in blocking high-ticket ransomware attacks, safeguarding both customer and company interests.
PCI SSC to Transform the Payment Security Space
Established in September 2006, the Payment Card Industry Security Standards Council (PCI SSC) plays a pivotal role in transforming the payment security landscape to combat the increasing cybercrimes worldwide. PCI SSC provides comprehensive standards, supporting materials, tools, and resources to help companies ensure the optimum security of cardholder data.
Among the tools offered by PCI SSC are self-assessment questionnaires, PIN Transaction Security (PTS), and Payment Application Data Security Standard (PA-DSS). These resources empower organizations, payment vendors, and software vendors to develop enhanced payment security solutions. The efforts of PCI SSC are expected to be a driving force behind the growth of the payment security market in the coming years.
Evolution of Payment Security Standards – PCI DSS to Reach Its Fourth Iteration
With the growing adoption of online payments, PCI SSC has been actively working to upgrade payment security standards to address the evolving threat landscape. Ongoing cyber frauds have made it crucial to enhance existing payment security measures.
PCI SSC is currently updating software standards, introducing new upgrades for mobile-based payments, and building a robust software security framework. Additionally, the Payment Card Industry Data Security Standard (PCI DSS) is undergoing its fourth iteration, expected to launch in 2021. PCI DSS v4 is designed to tighten payment security rules and protect customer data. It will bring significant changes to areas such as access management, risk assessment, technology utilization, security awareness training, and testing and monitoring.
COVID-19 Restrictions to Trigger Adoption of Online Payment Modes
The outbreak of COVID-19 disrupted various industries but also presented opportunities for technological advancements, including in payment security. Strict lockdown measures and the need for contactless transactions led to a significant surge in online and digital payments. For example, Mastercard reported a 40% increase in contactless payments in European countries in 2020.
As the payment security landscape continues to evolve, combined with the convenience of online payments, consumers are increasingly inclined to use digital payment modes. This trend is expected to persist even after the pandemic crisis, further driving the growth of the payment security market.
Payment Security Market Competition Landscape
Overall, the outlook for the payment security market remains optimistic in the coming years. Technology companies and vendors specializing in developing payment security solutions can expect to find significant growth opportunities in this dynamic and evolving landscape.
Some of the companies in the payment security market include:
- CyberSource Corporation
- Elavon Inc.
- Bluefin Payment Systems LLC
- Braintree Payment Solutions
Global Industry Analysis (2018 – 2021) – Growth Trends and Market Forecast (2022 – 2029) https://www.fairfieldmarketresearch.com/report/payment-security-market
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