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Mobile Payment Security Software Market Trends

Report ID: GMI6916
Published Date: Oct 2023
Report Format: PDF

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Mobile Payment Security Software Market Trends

The rising adoption of tokenization in mobile payments is significantly fueling the mobile payment security software industry growth. Tokenization replaces sensitive payment data with unique tokens, thereby enhancing transaction security. For instance, in January 2023, Bluefin, a prominent player in integrated payments and payment security, entered into a collaboration with Visa for network tokenization.

This partnership involved the integration of Bluefin with Visa to deliver network tokens across various card brands. As per the collaboration, Bluefin will offer this network tokenization feature through ShieldConex, a vault-less tokenization service that ensures data security by safeguarding payment information. The rising demand for advanced security solutions will propel innovations & investments in mobile payment security software, thereby creating lucrative market opportunities.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market valuation of the mobile payment security software was worth USD 12.9 billion in 2023 and is estimated to witness over 11.5% CAGR between 2024 and 2032, due to the escalating need to safeguard sensitive customer data.

The cloud deployment model segment accounted for over 70% share of the mobile payment security software market in 2023 owing to the surge in cloud deployments.

North America held 34% share of the mobile payment security software market in 2022, due to collaborative partnerships geared toward enhancing payment security.

Some of the key mobile payment security software companies are Fingerprints, Braintree Payment Solutions LLC (Paypal Holding Inc.), Chase Paymentech Solutions, Fujitsu, FICO Enterprise, Fidelity Payment Services, and Fiserv Inc.