Shift Towards Cashless Model to Fuel Growth of Payment Security Market
In cash-based model, it becomes a natural trepidation around digital payment modes, until recently. Conversely, government bodies are promoting use of online payment model in a bid to make transactions cashless. Physical cash payments were certainly the only trusted mode of transfer of money, however, due to its convenience factor, adoption of online payments is likely to rise in the coming years, on the back of growing digital revolution worldwide. However, every technology with all its pluses has a negative side, for instance with regards to online payments, apart from the convenience factor, prevalence of cyber crimes and fraud have a negative impact on the customer’s mind. Against this backdrop, it becomes necessary to focus on payment security to ensure protection of customer data and prevention of data breach and unauthorized transactions. With necessary steps taken to implement payment security, the probability of earning customers’ trust can increase in turn changing their skeptical view point towards adopting online payment modes. To conclude, for becoming a cashless economy and shifting towards online and digital payment models, security becomes imperative, which is expected to bolster growth of payment security market.
Rising Rate of Ransomware to Trigger Adoption of Payment Security Measures
Ransomware attacks are not only growing but also becoming high profile. Apart from the rising number of ransomware, there has been an increase in the price of ransoms. According to SonicWall’s 2021 analysis report, there was a 62% increase in ransomware attacks across the globe during 2019-2020. Moreover, rising adoption of cryptocurrencies such as Bitcoin is another factor for growing ransomware attacks. Being in their nascent phase, cryptocurrencies are hard to trace, making them an attractive target for hackers. This has fuelled need of safety measures such as payment security solutions to block high ticket ransomware, in turn safeguarding customers’ and companies’ information and interests. This aspect continues to influence growth of payment security market.
PCI SSC to Transform the Payment Security Space
PCI SSC (Payment Card Industry Security Standards Council), established in September 2006, aims at transforming the payment security space to cope with rising cybercrimes worldwide. It provides supporting material and comprehensive standards that include tools, specification frameworks, support resources and measurements to help companies ensure optimum security of cardholder data. Tools such as questionnaires on self-assessment, PTS (PIN Transaction Security) and PA-DSS (Payment Application Data Security Standard) are provided by PCI SSC to organizations, payment vendors and software vendors to develop improved payment security solutions. PCI SSC plays a major role in enhancing payment security, which is expected to drive growth of payment security market in the coming years.
Evolution of Payment Security Standards – PCI DSS to Reach in its Fourth Iteration
On the back of increasing adoption of online payments, the PCI SSC (Payment Card Industry Security Standards Council) has been focusing on transforming payment security standards. With ongoing cyber frauds, it has become crucial to upgrade the existing payment security scenario. PCI SSC is now updating the software standards by introducing new upgrades in mobile based payments and building a software security framework. Moreover, the PCI DSS (Payment Card Industry Data Security Standard) is being updated and is being mapped with the NIST standard (National Institute of Standards and Technology) in a bid to support cybersecurity framework. Currently the PCI DSS payment security standard is being upgraded to its fourth iteration that is expected to launch in 2021, the PCI DSS v4, aimed at tightening payment security rules and protect customer data. Areas such as access management (multi-factor authentication and password), risk assessment, use of technology (to address payment ecosystem threats), training on security awareness, testing and monitoring are likely to undergo change under the new standard.
COVID 19 Restrictions to Trigger adoption of Online Payment Modes
Outbreak of COVID 19 did cause disruption across various industry verticals, however, its impact laid down several opportunities for tech applications and payment security is no exception. With strict lockdown rules regarding maintaining distance and contactless transactions, use of online or digital payments witnessed a significant spike, in turn favoring the demand for payment security. For instance, according to Mastercard, a 40% rise in contactless payments has been observed in European countries in 2020. Moreover, with an evolving payment security space combined with convenience aspect, customers are becoming more inclined towards using online payment modes, which is likely to influence growth of the payment security market post the pandemic crisis.
Payment Security Market Competition Landscape
By and large, the market scenario for payment security is likely to remain optimistic in the coming years and technology companies and vendors involved in developing payment security solutions can expect potential growth opportunities.
Some of the companies in the payment security market are CyberSource Corporation, Elavon Inc., Bluefin Payment Systems LLC, Braintree Payment Solutions and SecurionPay.
Key Elements Included In The Study: Global Payment Security Market
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