Paypal – Mobile Payment Security Software Market 2021 Precise Outlook – Cryptzone, Symantec, Akamai Technologies, SnoopWall, Zscaler – KSU
Global Mobile Payment Security Software Market report provides an in-depth analysis of the COVID-19 impact, key player’s strategies, market growth, product demand, growth factors, technological innovations, regional outlook, and global dynamics which includes drivers, challenges, and opportunities dominant in the industry. The Market report focus to provide extensive information on the industry with a market overview, key trends, and business plans for Mobile Payment Security Software market.
Global Mobile Payment Security Software Market is expected to grow at a CAGR of 9.2% over the forecast periods (2021-2026).
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The Top Key Players in the Global Mobile Payment Security Software Market are like Cryptzone, Splunk, Akamai Technologies, SnoopWall, Zscaler, StrikeForce Technologies, Fortinet, Symantec, Digital Guardian, Axway, MobileIron, Veracode, VMware, Entrust, NowSecure and Others.
– April 2019 – US-based Fidelity National Information Services Inc planned to take advantage of India’s financial sector to roll-out its security offerings. In March 2019, they acquired payment processor Worldpay for USD 35 billion.
– May 2020– Paypal Holding Inc. announced to launch a Fraud Protection system that gives merchants an integrated solution that leverages the deep intelligence of the PayPal and Braintree networks, a vast array of data analytics, and state-of-the-art machine learning. Fraud Protection adapts to changing fraud patterns and provides the flexibility to choose rules and filter settings specific to merchants’ businesses.
Key Market Trends:
Retail Industry to Dominate the Market.
– In the past five years, retail has become a mobile function specially with the rise in popularity of mobile e-wallets. The introduction of 5G is enhancing innovations in retail technology and, in turn, benefitting the consumer. However the security vulnerabilities related to these wallets are driving the market demand.
– Global retailers such as Walmart, Target and Dunkin are adopting mobile payments by leveraging the power of loyalty and using mobile payments as a way to make the checkout process as painless as possible. This demands an increasing level of payment security to maintain customer relationship.
– Rising global e-commerce transactions are further driving the market demand. According to US Commerce Department, consumers spent USD 517.36 billion online with U.S. merchants in 2018, up 15% from USD 449.88 billion spent in 2017. This trend is expected to continue and give rise to mobile payment security software solutions.
– Rambus has rolled out “Vaultify Shop”, which enables retailers to digitize credit cards, gift cards, loyalty points and coupons into a single secure mobile wallet and create a frictionless shopping experience for consumers.
– Due to COVID-19, the e-commerce sector is witnessing a spike in demand as consumers are ordering the essential items such as food, clothes, among others, through e-commerce websites where most of the consumers prefer the digital mode of payment. According to Local circles, 25% of the consumer has preferred digital payment for online groceries/medicine purchases in India as of April 2020.
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Both Regional and Global sectors are included in the Outlook, with special breakouts for the NAM, European, MENA, and Asia-Pacific regions. The data covered is from 2016 to 2020 historically and from 2021 to 2026 forecast, it also includes the impact of Post-Covid-19 both on the short- and long-term prospects of the industry.
North America to Dominate the Market Share
– Further, it has been estimated that digital/mobile wallets will soon overtake credit cards to become the leading online payment method to account for 37% of North American ecommerce spend by 2023. Also, the regulation of retail payment systems is dispersed across multiple state and federal regulators. For example, payment systems are subject to federal consumer protection regulation under the Electronic Fund Transfer Act (P.L. 95-630), anti-money laundering requirements under the Bank Secrecy Act (P.L. 91-508), and various state licensing, safety and soundness, anti-money laundering, and consumer protection requirements.
– The US is an established consumer market and is focused on innovation. Companies such as PayPal and Apple Pay have a strong presence in the region with a slow growth rate. Apple Pay allows users to make purchases in stores, in apps, and online securely without handing over the credit card information every time. In a store, the mobile wallet uses near-field communication technology, which allows two devices placed within a few centimeters of each other to exchange data. To keep the information private, Apple Pay creates a unique token every time the user uses it, so merchants never get the actual card number. Meanwhile, PayPal, a prominent US third party payment platform, has a fraud rate of 0.32 percent.
This Mobile Payment Security Software Market report addresses:
- The Market size from 2016-2020
- Expected market growth until 2026
- Forecast of how market drivers, restraints, and future opportunities will affect
- Segment and regions that will drive or lead the market growth and why
- Comprehensive mapping of the competitive landscape
- In-depth analysis of key sustainability strategies adopted by market place
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– Post Covid-19 Analysis
All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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