Payment security solutions permit the customer to perform the financial transactions in a protected manner. It ensures protected financial transaction between merchants & customers at both payment gateway and point of sale. It provides elimination of frauds associated with errors and identity theft to a large extent. It is used in many areas of healthcare, education, retail, transportation, oil & gas, BFSI (Banking, financial services & insurance) travel & hospitality, telecom& information technology, and media & entertainment etc. educational institutes are used for securing the data related to applications, admission fees, research, patents, and others. It is classified into payment types based on web-based payment security, mobile-based payment security and POS based payment security.
According to study, “Latin America Payment Security Market (2018-2023)” some of the major companies that are currently working in the Latin America payment security market are Braspag, Ingenico E-payments, PagSeguro, CyberSource, Allpago. These vendors are concerned in research and development (R&D) and are alert on obtaining other advanced solutions to offer payment security.
Data encryption, antivirus & firewalls, fraud detection & prevention, and tokenization play a crucial role in protecting consumer card data by altering the name & digits into several tokens or encrypting it. Fraud detection & prevention is commonly used payment security solution, which provides several fraud analytics solutions, for instance, social media analytics, predictive analytics, big data analytics, behavioral analytics, customer analytics, and governance, risk, and fulfillment solutions among others. These solutions are a significant part for every electronic operation taking place.
The Latin America payment security is mainly driven by emergence of mobile-based payments (Apple pay, Android pay and e-wallets such as Google Wallet), followed by increasing adoption of electronic transactions, growing usage of wireless networks between individuals, favorable demographics, rising need for financial inclusion, increasing emphasis on safer & shorter transaction times, rising penetration of digital expertise in banking & payments industry, rise in fraudulent activities in e-commerce, increasing mobile and point of sale (POS) transactions, rise in internet of things (IoT). Some of the restraints are lack of trust in online banking, the high cost of payment security solutions, government regulations& compliance, and low awareness of online payment. In addition, there are new opportunities integrating usage of advanced payment security solutions for digital e-commerce and rise in demand for payment security across different applications.
The key countries such as Mexico and Brazil are supporting the use of payment through the card in the evolving markets. In addition development of infrastructure based on IoT adding the connected devices& wearable equipped with payment capabilities adding the exactness of financial rules& data modeling. Moreover, companies such as MasterCard have initiated a platform into payment devices for turning an array of consumer products such as key fobs, wristbands, and jewelry. In upcoming years, it is predicted that ATM and bank branches to be reduced in the region. The Latin America payment security market is anticipated to rise at CAGR of 14.7% from 2018 to 2023 to a US$7.1 billion by 2023.
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