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The Payment Security Market in Asia Pacific is expected to register a CAGR of 19.1% during the forecast period (2017 - 2023). The Asia Pacific region is expected to be the fastest-growing region. The growth is primarily driven due to rapid adoption of advanced payment technologies in major organizations in the region. Nevertheless, limited levels of trust in online banking would act as a major restrain to the market growth of the payment security market.
It is vital to have fundamental security measures in place to run a successful online business. Website security is of paramount importance, and using SSL certificates further adds to the levels of security. Superior levels of security help in protecting credit card information of the customers and most importantly, build credibility. Payment Card Industry Data Security Standards (PCI DSS) are a set of rules used in creating a process flow for protecting sensitive data.
Data encryption is vital while making payments without using real card data that's visible while processing. PCI guidelines would also include tokenization in the future version. Based on Type, the market is segmented into Solution and Services. Solutions are further divided into Encryption, Tokenization, and Fraud Detection & Prevention. Services are further segmented into Professional and Managed Services. Based on Organization Sizes, the Asia Pacific Payment Security market is segmented into Small & Medium Enterprises and Large Enterprises.
Based on Verticals, the market is segmented into BFSI & Retail, Travel & Hospitality, Healthcare, Media & Entertainment, Telecom & IT, Education, and Others. Based on Countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The report covers the competition analysis of key stake holders of the Asia Pacific Payment Security Market. Key companies profiled in the report include Bluefin Payment Systems, PayPal (Braintree), Visa (Cybersource Corporation), U.S. Bancorp (Elavon), Sisa Information Security, Ingenico Group, Intelligent Payments, Signifyd Inc., Shift4 Corporation, and Tokenex, LLC.