The payment security solutions enable the user to carry out the financial transactions in a very protected way. The creating payment security solutions are of the greatest prominence for the clients to make the secure payments. The payment security safeguards protective financial transaction between the vendors and customers at both point of sale and payment gateway. The Payment security software suggest a protective medium to generate the transaction at an online platform and supports in eradication of frauds linked with the errors and identity theft to a great extent. Furthermore, the e-commerce owners and online corporates are always looks for the proficient payment security solutions to generate the online transactions, which involves distinguishing and blacklisting hackers as well as scammers. Across the globe, the customers are shifting towards the digital payments at a quicker pace owing to it disregards the duration linked with carrying out the transactions at the physical locations owing to the increasing usage of the internet and mobile devices. Although, the cyber security and data theft are worldwide occurrence payment security has become the major apprehension for the public and private organizations owing to the unremitting cyber-attacks. Institutions which are effective potential to deliver the developed security to the payments ecosystem by understanding the customer behavior and preference will be capable to develop their consumer base in the near years.
According to the report analysis, ‘Asia-Pacific Payment Security Market (2018-2023)’ states that in the Asia Pacific payment Security market there are several key players which presently functioning more effectively for leading the fastest market growth and registering the handsome value of market share throughout the short span of time while decreasing the price of the services, introducing new and effective offers, providing the effective solutions to any query of the consumers and delivering the better consumer satisfaction includes Visa Inc., PayPal (Braintree), SISA, Ingenico Group, Cyber Source and several others.
The market is predicted to increase at an effective CAGR of 13.19% from 2018 to 2023 leading to a global revenue generation of USD 13.19 Bn in 2023. The effective augment of the payments in the digital and mobile channels has led to more cultured and strong fraud around the Asia-Pacific economy. A 2016 Consumer Fraud Survey presented more than a third of customers in Australia, India and Singapore have qualified card fraud in the last five years.
The APAC economy countries namely India, China and Japan have augmented exponentially in the e-commerce domain. Indians have transformed the method they transact and the region has become home to predicted 3,000 e-commerce hubs and more than 1,200 rural hubs, 390 export hubs and 2,000 import hubs. The growing requirement of the e-commerce services has been effectively booming the growth of payment security market owing to the enactments of Europay MasterCard and Visa (EMV).
Additionally, The Asian governments are encouraging improvements in the card reception infrastructure and in turn growing debit and credit card convention in emerging markets. Branch and ATM growth rates from 2012-2014 in regions involving China, India, Indonesia, Malaysia, Thailand, Philippines, Taiwan and Hong Kong show a decrease in the numbers of branches. Therefore, in the coming years, it is anticipated that the Asia Pacific payment security market will increase over the coming years.
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Ankur Gupta, Head Marketing & Communications