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The secured payment solution is a type of organization, which helps the banking institutions & consumers to safely conduct any digital transaction. The secured payment solution is integrated into the banking system, which aims at protecting the data while transferring the money from one remote location to another. Furthermore, securing of the digital payments via secured payment solution allows the businesses to enable & reduce the dependency on traditional method. Moreover, secured payment solutions such as advanced encryption standards (AES), homomorphic encryption, and others can protect the sensitive data & monetary theft to be initiated. Therefore, surge in demand for high safety & security methods during digital payments from one location to another is expected to boost the secured payment solution market growth.
The global secured payment solution market size is segmented on the basis of payment method, application and region. Based on Payment Method, the Secured Payment Solution Market is divided into Credit Card, Debit Card, E-Wallet and Others. On the basis of Application, the market is categorized into Hospitality, Healthcare, Retail, Telecom & Utility, E-commerce, and Others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global Secured Payment Solutions industry include Tokenex LLC, TNS Inc., Signifyd Inc. , Sisa Information Security, Shift4 Corporation, Geobridge Corporation, and Intelligent. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global market.Â
COVID-19 scenario analysis
Stringent government policies for the adoption of secured payment solution, rise in demand for easy & convenient payment methods, and increase in adoption of secured payment solution for enhanced data security are driving the growth of the market. However, budgetary constraints pertaining to secured payment solution is expected to hamper the growth of the market. Contrarily, rise in demand for integrated data protection solutions is expected to provide lucrative opportunities to the market in the upcoming years.
Early adoption of secured payment solution and the positive approach of the government by making stringent regulatory standards towards secured payment solution are helping the consumers to safely use the digital means for the transaction. For instance, in November 2018, the ministry of Venice passed a charter for strengthening confidential communication which made the secured payment solution applicable for of all sensitive & confidential monetary data in the country. Furthermore, the introduction of digital banking and advanced online wallets has promoted the usage of secured payment solution for transaction conducted online. Therefore, the stringent government policies for the adoption of secured payment solution, will foster the growth for the global secured payment solution market during the forecast period.
The secured payment solution has been largely accepted, due to the mitigating financial risks and securing the enterprise internet protocol which are associated with the theft or loss of sensitive & confidential monetary data. Furthermore, the secured payment solution has emerged as a practical & convenient solution for the ensuring of compliance with the money security regulations. For instance, in 2019, Signifyd Inc., which is a secured payment solution firm has published the acceptance of the secured payment solution which has witnessed a 7.21% year-on-year growth from 2018, with nearly 43% of global banking firm using the secured payment solution. Moreover, increased importance of the secured payment solution for protecting the banking systems and reducing the cyberattacks are becoming major factors accelerating the adoption for the secured payment solution, which is therefore expected to foster the market growth during the forecast period.
Key benefits of the report:
Questions answered in the secured payment solution market research report:Â Â Â
Secured Payment Solution Market Report Highlights
Aspects | Details |
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By Payment Method |
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By Application |
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By Region |
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Key Market Players | Ingenico Epayments, Elavon Index, Intelligent Payments, Shift4 Corporation, Signifyd Inc., Geobridge Corporation, TNS Inc., Cybersource Corporation, Tokenex LLC, Sisa Information Security |
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