Research On Global Markets
Syndicated Market Research Report
Online businesses and consumers expect online transactions to be safe, easy and efficient. New technologies have simplified B2C and B2B experience with mobile payments, contactless cards, and e-wallets. User demand for additional payment features, demand for cross border, multicurrency electronic payments and shifting purchase payments lead growth in multiple directions.
According to a payment security industry research conducted by Research on Global Markets, the global payment security market is expected to grow to USD 48.85 Bn by 2023, expanding at a compound annual growth rate (CAGR) of 17.7% during 2018–2023. The three main challenges faced by the global payment security market are 1. Fraud and chargebacks: As e-commerce expands, the opportunity for fraudulent payments and data theft has grown. Chargebacks can damage the business reputation and can lead to closed merchants accounts and eventually closed business. Technologies such as fingerprint recognition and EMV can reduce frauds and chargebacks. Fingerprint data requires the physical presence of the consumer and cannot be replicated or stolen. 2. Cross border transaction: Cross border transactions are important for global trade though it is slow, expensive and inefficient. National banking infrastructure is not equipped to handle cross border payments. This results in non-uniform, independent technologies and software that complicate cross border transactions. 3. Multi-currency payment methods: electronic payments such as mobile payments, e-wallets, and credit cards enables global e-commerce and helps online merchants to compete in the international market. For merchants, cross border transactions may require new bank accounts and they might have to face regulatory hurdles in each national market. In the wake of recent retail, healthcare and government security breaches, every online business is aware that customer and card data security is the primary priority. Prevention of online payment issues and protection of cardholder data is a must for anyone who does online business.
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