Mobile Payment Security Software Market Size - By Type (Tokenization, Biometrics, Encryption), By End-use Industry, By Deployment Model (On-premises, Cloud), By Application, Forecast 2024 - 2032
Published Date: March - 2025 | Publisher: MIR | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationMobile Payment Security Software Market Size
Picture using your phone to pay for everything - it's easy but also a colossal security risk. That's where mobile payment security software steps in to the rescue! Back in 2023, this market totaled a staggering $12.9 billion, and it's forecasted to continue increasing at 11.5% annually until 2032. Why? Because as more and more of us pay with our phones, we must keep our financial and personal information secure. Mobile payment security programs do just that. They employ high-tech tricks such as encryption, fingerprint reading, and even real-time fraud protection to keep our sensitive information secure. And as hackers get more cunning, the need for these new-fangled security programs will be greater and greater. So essentially, this market for software is booming because it's necessary for safeguarding our valuable money and data when we're on the move.
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The growing popularity of mobile wallets is driving the growth of the mobile payment security software market. With increasing consumers adopting mobile payment platforms and digital wallets, the need for secure transactions will surge. Mobile payment security software that includes encryption, tokenization, and biometric verification plays a vital role to build confidence in users. With the ease of use of mobile wallets, customers are looking for strong security features, and this is fueling market growth. This trend highlights the demand for sophisticated security solutions, which is driving innovations in mobile payment security software.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Mobile Payment Security Software Market Size in 2023 | USD 12 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 11.6% |
| 2032 Value Projection | USD 33.7 Billion |
| Historical Data for | 2018 – 2023 |
| No. of Pages | 230 |
| Tables, Charts & Figures | 362 |
| Segments covered | Type, end-use industry, deployment model, and application |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
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Small & Medium-sized Enterprises (SMBs) may be reluctant to implement sophisticated mobile payment security software because of budget limitations. The deployment of strong security solutions is usually expensive and involves the cost of software licenses, hardware upgrades, and employee training. Small businesses with tight budgets may not be able to afford these security solutions. Consequently, they may resort to safer alternatives, compromising their businesses and customers to cyber attacks and frauds.
COVID-19 Impact
The pandemic caused by COVID-19 seriously boosted the use of mobile payment schemes, and demand for mobile payment security software increased exponentially. Companies quickly moved to adopt mobile payment solutions as people began to shun physical currency and opt for contactless payments to avoid infection risks. This emphasized the need for secure transactions, thus increasing investments in high-end security software. The pandemic also heightened online activities, and companies became more exposed to cyber attacks. Therefore, there was increased emphasis on putting in place strong mobile payment security mechanisms to safeguard sensitive customer information and guarantee secure transactions.
Mobile Payment Security Software Market Trends
The increasing use of tokenization in mobile payments is heavily driving the business growth of mobile payment security software. Tokenization substitutes sensitive payment information with distinct tokens, thus improving transaction security. In spite of these The increasing need for sophisticated security solutions will drive innovations & investments in mobile payment security software, thus creating profitable market opportunities.
To take an example, in January 2023, Bluefin, a leader in integrated payments and payment security, signed up for a collaboration with Visa to implement network tokenization. In this collaboration, Bluefin and Visa integrated together to provide network tokens on a number of card brands. According to the partnership, Bluefin will provide this network tokenization capability through ShieldConex, a vault-less tokenization offering that protects data by securing payment information.
Mobile Payment Security Software Market Analysis
Discover more about the most influential segments defining this market
Depending on the deployment model, the cloud segment accounted for more than 70% of the mobile payment security software market share in 2022, driven by its scalability, which is enabling companies to grow services without heavy hardware investments. Cloud solutions also provide cost savings through subscription-based models, thus supporting both startups and mature companies. Their flexibility supports mobile payment operations on the move, while fast deployment facilitates rapid implementations.
Automatic updates add security, and integration features make it easy to connect with a wide range of applications. Also, strong security features, compliance, and cutting-edge partnerships are making cloud deployment the choice of preference, leading to the demand in the market.
Find more about the dominating segments of this market
In terms of end-use industry, BFSI was at 27% mobile payment security software market share in 2022, considering the aggressive plans taken by banks to strengthen cyber-security. Financial institutions are finding increasing digital threats making them pump up efforts toward secure transactions. The push incorporates deployment of strong security solutions like mobile payment security software to defend valuable customer data.
For example, in June 2023, The Reserve Bank of India has come up with a thorough 10-point action plan to improve cybersecurity for financial transactions. It includes meetings with tech companies like Google and Apple to upgrade the security on mobile phones. The plan further highlights the introduction of Artificial Intelligence (AI) and Machine Learning (ML) technologies in the framework of cybersecurity to make the sector strong enough against the increasing digital threats.
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Mobile payment security software market in North America registered over 34% of the share in revenue during 2022, owing to the collaborative business alliances focused on improving payment security. Firms are collaborating with each other in order to deploy advanced security solutions, including encryption and tokenization, for payment system strengthening against cyber attacks.
For example, in October 2023, Bluefin, a PCI Participant that certified encryption and the tokenization technologies protecting payments and sensitive information, entered into a partnership with Invenco by GVR, a world leader in convenience retailing solutions, to bring PCI-validated P2PE solutions to the retail petroleum forecourt market in North America, improving payment security within this market. These strategic partnerships guarantee the strong security of sensitive information, which assists in building trust between companies and consumers.
Mobile Payment Security Software Market Share
Fiserv Inc. is dominating the mobile payment security software industry with prominent market share in 2022. These participants focused on developing features that differentiate their products, such as advanced authentication methods. Also, major companies are collaborating with mobile payment service providers, financial institutions, and payment processors to integrate security solutions into their platforms.
Mobile Payment Security Software Market Companies
The major players operating in the mobile payment security software industry are
- Braintree Payment Solutions LLC (Paypal Holding Inc.)
- Chase Paymentech Solutions
- FICO Enterprise
- Fidelity Payment Services.
- Fingerprints
- Fiserv Inc.
- Fujitsu
- Ingenico Group
- NCR Corporation
- OneSpan
- UL Solutions
Mobile Payment Security Software Industry News
- In April 2023, BR-DGE a payment orchestration platform launched the BR-DGE Vault, an advanced network tokenization product that can provide top-tier transaction performance & security to merchants and payment partners. Amid rapid innovations in payment technology, BR-DGE has offered a groundbreaking solution for secure mobile transactions.
This mobile payment security software market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD billion) from 2018 to 2032, for the following segments
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Market, By Type
- Tokenization
- Contactless payments
- Remote payments
- Biometrics
- Fingerprints
- Facial recognition
- Iris scanning
- Voice biometrics
- Encryption
Market, By Deployment Model
- On-premises
- Cloud
Market, By Application
- Mobile banking
- Mobile wallets
- Mobile payment apps
- Peer-to-peer payments
- Others
Market, By End-Use Industry
- BFSI
- Retail
- Healthcare
- Government
- IT & telecom
- Entertainment & media
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Nordics
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Southeast Asia
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- UAE
- Saudi Arabia
- South Africa
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