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The Latin America, Middle East and Africa Payment Security Market is expected to register a CAGR of 21% during the forecast period (2017-2023). Tokenization is the technology making payments secure and without vulnerabilities. Customer authentication is used to enhance the transaction security. A token act as a random string of characters used to replace sensitive information, such as a 16-digit credit card number. As the payment process is sensitive and encompass sensitive data, merchants need to understand the vulnerabilities in the system. 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 Types, the market report segments the market into Software and Services. Software is further categorised in Analytical Software, Optimization Software, Visualization Software, and Data Mining & Archiving. Based on Verticals, the LAMEA Payment Security Market is segmented into BFSI, Public Sector, Business Function, Healthcare, Manufacturing, Retail, Telecom & IT, Aerospace & Defence, and Others. Based on Countries, the market report segments the market into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The report covers the competition analysis of key stake holders of the LAMEA 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.