Bluefin, Partnered with Waystar to Enhance Payment Security for Healthcare Payments
In July 2022, Bluefin, a tokenization and encryption technology provider that secures payments and sensitive data, partnered with Waystar, a provider of healthcare payment software, to provide improved payment security for healthcare payments. The agreement also includes Bluefin's PCI-validated point-to-point encryption solution and payment gateway via Waystar's software.
Rising Use of Digital Payment Methods is Expected to Fuel the Growth
The rapid expansion of e-commerce, the widespread adoption of connected devices worldwide, changes in consumer purchasing habits, technological advancements, and governmental policies and regulations significantly changed digital payments in recent years. Digital payment systems, including internet banking, mobile money, and card payments, have recently seen a dramatic increase in popularity. This trend is a crucial part of international measures to advance financial inclusion. Globally, this trend is being driven by an increase in legislative incentives to adopt digital payment systems and smartphone usage, e-commerce sales, and internet access.
Security worries and a lack of qualified professionals will limit market expansion
Phishing scams, hacking tools, illegal access, and unprotected mobile wallets are security risks that put users' data and information at risk. Determining the type of user data protection is similarly difficult. Additionally, companies continue to experience issues with data security and a shortage of qualified personnel, limiting market growth. For example, a PEW survey found that American consumers felt that mobile payments were "poorly safeguarded" (38%) compared to prepaid (28%), debit (22%), and credit cards (9%).
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the payment security market plan acquisitions to improve their brand recognition globally. For instance, in March 2022, Partnering with Capitec Bank Entersekt, a device identification and authentication solutions provider. Through this partnership, an innovative 3-D EMV security solution has been implemented, enhancing the security of online payments while lowering cardholder friction.
Notable Industry Development
- November 2021: First Tech teamed with the multinational technology business Thales. This alliance aided SWAP, a financial services provider with venture capital backing, in establishing a cutting-edge digital payments infrastructure. This cutting-edge payment security architecture with Thales helps SWAP make a quicker transition to the market.
List of Key Players Profiled in the Report
- Systems LLC (U.S.)
- Braintree (U.S.)
- Cybersource (U.S.)
- Elavon (U.S.)
- Ingenico (France)
- Broadcom, Inc. (U.S.)
- Thales Group (France)
- Shift4 Payments, LLC (U.S.)
- Signifyd (U.S.)
- TNS, Inc. (U.S.)
- Tokenex (U.S.)
- SISA Information Security Pvt. Ltd. (India)
- Stripe (U.S.)
- Geobridge Corporation (U.S.)
- MasterCard (U.S.)
- Verifone Systems Inc. (U.S.)
Further Report Findings
- The market in North America is expected to gain a huge portion of the global payment security market share in the coming years. There are significant opportunities for the payment security market to grow due to the widespread use of smartphones, internet speed and dependability improvements, and an expanding user base of tech-savvy millennials.
- Research and development (R&D) innovations and payment security technologies are given particular attention in the developed economies of the U.S. and Canada.
- In Asia Pacific, the growth in this region is primarily driven by the rising adoption of advanced payment technologies within organizations for performing business transactions.
Segmentation of Global Payment Security Market
Global Payment Security Market – By Offering
- Solution
- Encryption
- Tokenization
- Fraud Detection and Prevention
- Services
- Integration Services
- Support Services
- Consulting Services
- Web Platform
- PoS Platform
- Banking Cards
- Digital Wallets
- Internet Banking
- Point of Sales
- Others
- Retail
- Travel and Hospitality
- Healthcare
- I.T. and Telecom
- BFSI
- Media and Entertainment
- Others
- Large Enterprises
- Small and Medium-Sized Enterprises
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-east Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
