IMARC Group, a leading market research company, has recently releases report titled “3D Secure Pay Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global 3D secure pay authentication market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the 3D Secure Pay Authentication Market?
The global 3D secure pay authentication market size reached US$ 1.01 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.06 Billion by 2028, exhibiting a growth rate (CAGR) of 12.55% during 2023-2028.
What are 3D secure pay authentication?
3D secure pay authentication, often abbreviated as 3D Secure, is an additional security layer for online credit and debit card transactions. It’s a protocol designed to be an extra step in the validation process, where cardholders must authenticate themselves with their card issuer when making a purchase. This is typically achieved through a password, a code sent via SMS, or biometric verification.
The “3D” stands for “Three Domains” involved in the process: the merchant/acquirer domain, the issuer domain, and the interoperability domain (payment systems). 3D Secure aims to reduce the likelihood of fraud in online transactions and increase consumer confidence in e-commerce. It is widely used in various forms like Verified by Visa, Mastercard SecureCode, and American Express SafeKey.
What are the growth prospects and trends in the 3D secure pay authentication industry?
The rise in online transactions represents one of the key factors driving the growth of the market across the globe. With the growth of e-commerce and an increasing number of financial transactions occurring online, there is an increasing need for secure payment methods, which is propelling the demand for 3D Secure authentication. As online fraud and identity theft incidents rise, both consumers and merchants are seeking more secure transaction methods.
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3D Secure adds an extra layer of security, thus making it an attractive solution. Enhanced security features like 3D Secure help in building consumer trust in online shopping, encouraging more people to engage in e-commerce. Technological advancements are making 3D Secure more user-friendly and less intrusive, with seamless integration into the checkout process, which encourages its adoption. The rise in mobile commerce is leading to the need for secure mobile payment solutions which are creating a positive outlook for the market across the globe.
Who are the key players operating in the industry?
The report covers the major market players including:
- American Express Company
- AsiaPay Limited
- Bluefin Payment Systems LLC
- Broadcom Inc.
- Decta Limited
- GPayments Pty Ltd.
- Mastercard Incorporated
- Visa Inc.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Access Control Server
- Merchant Plug-In
Breakup by Application:
- Merchant and Payment Processors
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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