Payment Security Updates: Collaboration of Visa Inc. and Sabre Corporation to Promote Market
Posted on May 6 2021 1:54 PM
"The increasing implementation of technologies such as cloud, big data, 5G network in online retail and eCommerce platforms can bolster the healthy growth of the market during the forecast period."
According to the Census Bureau of the Department of Commerce, in the U.S., total online retail sales were valued at around USD 5.45 trillion, out of which eCommerce accounted for around 11% of the total sales.
Moreover, the advancement of technologies such as the internet of things (IoT) is expected to boost the growth of the market in the forthcoming years. The increasing smartphone penetration rate and fraudulent activities can spur opportunities for the market. For instance, major payment providers such as Apple Pay, Google Pay, Paypal, and others are adopting payment security solutions to offer their users a secure environment while completing transactions at the payment gateway. However, a lack of skilled professionals and engineers for the development of security solutions can hamper the growth of the market.
Introduction of Advanced Payment Security Solutions by Players to Consolidate Business
Prominent companies in the market are focused on investing in the development of advanced payment security solutions with AI technology. Key players are also adopting several strategies such as partnerships, mergers, and collaboration to expand their market presence. For instance, in July 2018, Visa Inc. completed a partnership with Sabre Corporation. This partnership will allow Visa to use Sabre’s CyberSource and provide a full suite of authentication services, fraud management, and payment acceptance services.
Presence of Eminent Companies to Aid Expansion in North America
The market in North America is expected to rise exponentially during the forecast period owing to the heavy investments by governments and companies such as Braintree, CyberSource Corporation, Shift4 Corporation, and others in security solutions.
Asia Pacific is expected to grow rapidly during the forecast period owing to the growing number of eCommerce and online retail stores in countries such as India, Korea, Japan, and others. The integration of payment security solutions in smart devices such as wearable, smartwatches, debit/credit cards, and other consumer devices will bolster the growth of the market in the region. Europe is expected to rise exponentially. The growth in the region is attributed to the increasing adoption of advanced payment technologies to execute complex business transactions. Smartphone and internet penetration can improve the prospects of the market in the region.
April 2018: Mastercard Incorporated announced its partnership with IFC (a member of World Bank Group). This partnership will help the company to expand its financial presence with an investment of around USD 250 million for the development of payment security solutions.
The emergence of artificial intelligence (AI) technology is expected to foster the healthy growth of the market. The market size is expected to expand radically during the forecast period owing to the advent of 5G network.
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