Payment Security Market in India 2021
- Netscribes (India) Pvt. Ltd.
- March 2021
- Legal Services
- 47 pages
Payment security is a safety program that uses multiple layers of analytics, technology, and security approaches to protect digital payment and reduce fraudulent transactions. These security solutions are provided through Point-of-sale (PoS), mobile-based, and web-based platforms. Payment security solutions offered in India include encryption, point-to-point tokenization, and EMV (Europay, MasterCard, and Visa). Payment security solutions in India are mostly being adopted by the sectors of banking, financial services, and insurance (BFSI), education, retail, hospitality, and telecom. Some of the domestic organizations proffering payment security solutions in the country are Cisco Systems India Pvt. Ltd., Intel Technology India Pvt. Ltd., and Trend Micro India Pvt. Ltd.
The payment security market in India was valued at INR 130.50 Bn in 2020. It is expected to expand at a compound annual growth rate (CAGR) of ~17.79% between 2021 and 2025, to reach a value of INR 289.90 Bn by 2025. The steady growth in the market can be attributed to the rising adoption of cashless payment methods and the increasing fraudulent activities associated with online transactions. It also includes the growing incidence of cyber thefts and data breaches. The increase in the government’s participation in undertaking initiatives to promote cashless and digital economy has also encouraged growth in the market. Some of the policies implemented by the government include the launch of the Payments Infrastructure Development Fund and the introduction of instant payment facilities, such as UPI and BHIM. However, the lack of investments from IT companies on security solutions and the high cost of the adoption of payment security solutions hinder the growth of the payment security market.
COVID-19 impact analysis
The outbreak of the pandemic and the implementation of social-distancing norms have had a substantial impact on the payment security market in India. With the growing fear surrounding the pandemic, there has been a behavioral shift from cash-based transactions to digital payments across all categories of consumers. During this period, digital payment and contactless modes of transactions have gained popularity among the buyers. As a result, the risk of cybercrimes and data threats has also soared. With increasing cyber risks, the adoption of payment security services and solutions is expected to witness growth in multiples in the coming years.
- Cisco Systems India Pvt. Ltd.
- Intel Technology India Pvt. Ltd.
- NortonLifeLock India Private Limited
- Trend Micro India Pvt. Ltd.
- Broadcom Inc.
- One Span
- Thales Group
- Transaction Network Service
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Table of Content
Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
Chapter 4: Market overview
4.1. Payment security market in India – An overview
4.1.1. Market size and growth forecast based on value (2018 – 2025e)
Chapter 5: Market segmentation
5.1. Payment security – Market segmentation
5.1.1. Payment security – Market share based on end user (2020 and 2025e)
5.1.2. BFSI – Market size and growth forecast (2018 – 2025e)
5.1.3. Retail and e-commerce – Market size and growth forecast (2018 – 2025e)
5.1.4. Hospitality and transportation – Market size and growth forecast (2018 – 2025e)
5.1.5. IT and telecom – Market size and growth forecast (2018 – 2025e)
5.1.6. Other sectors – Market size and growth forecast (2018 – 2025e)
Chapter 6: COVID-19 impact analysis
6.1. COVID-19 impact analysis
Chapter 7: Market influencers
7.1. Market drivers
7.2. Market challenges
Chapter 8: Government initiatives
8.1. Government initiatives
Chapter 9: Market trends
9.1. Market trends
Chapter 10: Competitive landscape
10.1. Market participants
10.1.1. Cisco Systems India Pvt. Ltd.
Note: Similar information has been provided for all companies
10.1.2. Intel Technology India Pvt. Ltd.
10.1.3. NortonLifeLock India Private Limited
10.1.4. Trend Micro India Pvt. Ltd.
10.1.5. Broadcom Inc.
10.1.6. One Span
10.1.7. Thales Group
10.1.8. Transaction Network Services
Chapter 11: Recent developments
11.1. Recent developments
Chapter 12: Appendix
12.1. Research methodology
12.2. About Netscribes
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