Point-to-Point Encryption (P2PE) Payment Market Growth Prospects, Trends and Forecast 2018 - 2026
MarketResearchReports.Biz Announced New Study on Report "Point-to-Point Encryption (P2PE) Payment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2026."
Albany, NY -- (SBWire) -- 12/22/2018 --Some of the major players in the global point-to-point encryption payment market are Payworks Inc., ACI Worldwide, Inc., Bluefin Payment Systems, 3Delta Systems, Altech Card Solutions, BluePay Processing LLC, Cayan LLC, Coalfire, CyberSource Corporation, Elavon Inc., CardConnect, TokenEx, LLC Transaction Network Services (TNS) Inc. Global Payments Inc., Index, Arrow Payments, GEOBRIDGE Corporation, and Shift4 Payments, LLC.
Due to emergence of new payment technologies, chances of new security threats such as data breaches in the form of ransomware attacks and hacking are increasing. In order to overcome these issues, enterprises are continually looking for a payment landscape that constantly evolves. Point-to-point encryption (P2PE) is a security standard established by the PCI Security Standards Council to provide a payment security solution. Point-to-point encryption immediately converts the payment card (credit or debit card) information into an illegible code. When the card is first swiped, the data gets securely transferred to the payment processor before it can be decrypted and processed. This prevents hacking or fraud. It reduces the risk of theft of the customer's data and allied costs.
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The point-to-point encryption standard illustrates the requirements for a solution to be accepted as a payment card industry (PCI) compliant. A point-to-point encryption solution is a combination of hardware, software, applications, and processes. The provider of the point-to-point encryption payment solution must adhere to the PCI standards and get the solutions audited and validated from the PCI so as to assure enterprises that the data is secured.
Deployment of a PCI-listed point-to-point encryption solution involves more complexities and costs for encryption service providers. Hence, PCI has introduced NESA i.e. Non-listed Encryption Solutions Assessment, presenting a different approach to solution providers looking for PCI point-to-point encryption validation. NESA helps card brands and enterprises evaluate encryption solutions that do not wholly comply the PCI point-to-point encryption standard. Firms can decide whether to go with non-validated point-to-point encryption solutions or validated ones to secure their system as the implementation of a PCI point-to-point encryption solution is voluntary.
Increasing adoption of digital payment modes, rising requirement for adherence to PCI guidelines, and growing fraudulent activities on e-commerce are driving the point-to-point encryption payment market. On the other hand, lack of trust in online banking would restrain the oint-to-point encryption payment market during the forecast period.
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North America is expected to be a dominant point-to-point encryption payment market across the globe from 2018 to 2026, primarily due to increasing activities of malware, phishing emails, etc. in the region. The market in Asia Pacific is likely to expand at the maximum CAGR during the forecast period, as the region mostly comprises developing economies such as India and China, which are witnessing rapid deployment of point-to-point encryption solutions.
Based on end-user industry, the point-to-point encryption payment market can be divided into retail, health care & utilities, pharmaceuticals, banking, financial services & insurance (BFSI), securities & insurance, small & medium businesses, food & beverages, and education. The retail industry is one of the top contributors to the point-to-point encryption payment market, as the industry is highly targeted by cyber-attackers, owing to the large number of monetary transactions made via payment-processing networks.
Mobile wallets are expected to gain traction during the forecast period among small and large businesses. Point-to-point encryption (P2PE) payment would remain a vital security technology in the field of mobiles as well. The P2PE solution providers can adopt a customer-centric approach and additionally tweak the solutions as and when required by the customer.
The https://www.marketresearchreports.biz/it-and-telecommunication/7922/point-to-point-encryption-p-pe-payment-market-research-reports">point-to-point encryption payment market is witnessing formation of several alliances. Companies are forming alliances so that they can provide PCI-validated point-to-point encryption payment solutions to customers. A few of these alliances are Bluefin Payment Systems and Pinnacle Corporation, Elavon and Santander, Bluefin Partners and Choice Ticketing, and Bluefin Payment Systems and Worldnet.
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