Growing demand for payment security form online and e-commerce companies, major digital transformation of payment methods, increased fraudulent activities in e-commerce, rise in the adoption of mobile payment, and growing number of internet users are some of the key driving factors of this payment security software market.
However, lack of trust on online payments and high cost of these solutions may hinder the growth of the market. Furthermore, growing use of payment application among every sector is opportunistic for the market.
Increase in number of wireless technologies also increases rate of adoption of wireless payments. These wireless technologies include wireless broadband, Bluetooth, wireless fidelity, long term evolution and deployment of 5G technologies.
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With the adoption of payment security software offers a platform of enhanced secure payments. Thus, increasing use of wireless payment may bring a huge number of opportunities in the upcoming years.
Due to the major shift towards the digital transformation, the online payment market is experiencing a significant growth in the pattern of financial transactions, which is shifting towards cashless economy.
The ongoing digitization across each sector is leading to high investments in the development and the deployment of new technologies which is encouraging the vendors to come up with technical competence to ensure secure, fast, and easy financial transaction and exchange of information over the Internet.
As online payment is open to a number of security threats, the need for payment security software will increase to prevent the losses incurred due to frauds and data breaches which fuels the payment security software market growth.
COVID-19 scenario Analysis:
- Due to the COVID-19 outbreak digital payments have been keeping economies running and helping people reduce contact with virus. The adoption of contactless digital payments at the point of sale, such as Quick Response (QR) payment, near-field communications (NFC) payments, has increased as it can make it less likely for the virus to spread to others through cash exchanges.
- Governments and regulatory bodies have started discouraging the use of cash during the recent coronavirus outbreak. In addition, urgent need for essential products promotes digital payments as a swift and secure option.
- Furthermore, many bank branches are either closed or work with minimum staff. Therefore, retailers and other vendors find it hard to deposit cash into their bank accounts. They tend to switch to digital payment options to eliminate the risk of theft.
- The COVID-19 pandemic has increased adoption of digital payment solutions significantly. Though various economies are still at different stages of development across the world, the outbreak has forced people to change their shopping habits in favor of eCommerce and M-Commerce. It has paved the way for digital payments. However, with the digital payments, there are chances of rise in the cyber-attacks which can hinder its adoption. Due to which the popularity of payment security software is expected to increase in the upcoming years which is opportunistic for the payment security software market.
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