The market for mobile payment data protection is anticipated to grow at a CAGR of 12.3%. In 2022, the market for mobile payment data protection was estimated to be worth US$ 603.9 billion.
The day-by-day expansion of digital payments and rising fraudulent activities in these processes are pushing the sales of mobile payment data protection software, safeguarding the mobile data like pictures, videos and admin details like account information and texts.
Malicious activities like cyber-attacks related to e-commerce payments push payment vendors as well as smartphone manufacturers to adopt mobile payment data protection technology that secures the payment gateways. This pushes the demand for mobile payment data protection platforms.
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The government introduced guidelines such as PCI DSS guidelines, and its compliance with each mobile payment platform is pushing companies to adopt mobile payment data protection systems to enable the security prospect for each transaction.
Covid-19 pandemic has pushed the companies to shift from regular payments options to the quick online money transfer options, the growing threat to company’s data and accounts go along. The mobile payment data protection platform comes into play here and helps them to have control over each payment touchpoint.
JP Morgan states that nearly 75% of the organizations have faced a payment fraud attack, rising concerns over the company’s data, recruitment data and compliance, and expanding the mobile payment data protection market in new market spaces.
Vendors providing end-to-end encryption and payment protection along with CyberSource for e-commerce platforms, making multiple transactions closed chain, enhancing the device-based security in changing dynamics of payments.
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KEY TAKEAWAYS:
The payment security solution segment is the biggest segment in the mobile payment data protection market by offering and is likely to hold the most lucrative space in the forecast period, owing to the increased payment applications and cyberattacks.
The Digital wallet segment holds the prominence in mobile payment data protection market by payment mode category and is expected to be the biggest in the forecast period. Its growth is attributed to the factors like QR based transactions and wallets being attached to multiple platforms like Netflix etc.
The services segment is the largest segment in the mobile payment data protection market by component, while the small and medium enterprises (SMEs) segment performs better in the market by organization size.
North America region is the biggest market in the mobile payment data protection market, attributed to higher phishing attacks, cyberattacks and fraudulent activities, while the APAC region is the highest growing region in the market.
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COMPETITIVE LANDSCAPE:
Some of the Mobile payment data protection market players profiled in the FMI’s study are Braintree, Elavon, Intelligent Payments, CyberSource Corporation, Transaction Network Service, Shift4 Corporation, and TokenEx LLC and Ingenico ePayments.
Recent Developments
CyberSource Corporation has introduced its mobile payment data protection solution for different types of end-users that takes care of Payment Acceptance, Fraud Management and payment Security, increasing the demand for mobile payment data protection platforms.
Transaction Network Service (TNI) has extended its mobile payment data protection services like ADVAM Products, TNSOnline and TNSPay Protect, providing the control to admin over the payment touchpoints.
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