Pune, India, May 16, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global 3D secure pay authentication market size was valued at USD 1.05 billion in 2022 and is projected to grow from USD 1.18 billion in 2023 to USD 2.81 billion by 2030, exhibiting a CAGR of 13.3% during the forecast period. With revolution in the digital channels, requirement of secure pay authentication is in demand. Requirement of Secure Pay Owing to Penetration of Digitalization to Aid Market Development. Hotels and restaurants have been using computerized table service and app-based ordering. Fortune Business Insights™ shares this information in its report titled 3D Secure Pay Authentication Market Forecast, 2023-2030.
Key Industry Development
November 2022: Network collaborated with Mastercard for the release of its new 3D Secure authentication system. As a result, merchants in the UAE were able to use the N-Genius online payment gateway and smart interface of Mastercard for authentication.
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Key Takeaways
- Rise in Number of Payment Frauds during Pandemic Led to Exponential Growth of Market
- Growing Adoption of Secure Payment Platforms in Hotel Industry is contributing towards the Growth of Market Share
- Increasing number of online payment frauds in the e-commerce industry with an increase in the online sales is also propelling the demand for authentication of payments.
- These factors are expected to result in a significant 3D secure pay authentication market growth during the forecast period.
- By Application Analysis: Ability to Reduce Fraud and Chargebacks Increased its Application among Merchants and Payment Processors
- 3D Secure Pay Authentication Market Size in North America was USD 0.49 Billion in 2022
Discover the Leading Players Featured in the Report:
“Companies leading the 3D Secure Pay Authentication Market are Visa Inc. (U.S.), Mastercard Incorporated (U.S.), The American Express Company (U.S.), Broadcom Inc. (U.S.), Modirum (Estonia), SIA S.p.A. (Italy), Fiserv, Inc. (U.S.), Cardknox Development, Inc. (U.S.), Marqeta, Inc. (U.S.), ENTERSEKT (South Africa), Discover Financial Services (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 13.3% |
| 2030 Value Projection | USD 2.81 Billion |
| Base Year | 2022 |
| 3D Secure Pay Authentication Market Size in 2022 | USD 1.05 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 190 |
| Segments covered | Type, Application and Geography |
| 3D Secure Pay Authentication Market Growth Drivers | Rising Number of Online Fraudulent Activities to Propel Market Growth |
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https://www.fortunebusinessinsights.com/3d-secure-pay-authentication-market-106283
Drivers and Restraints
Rising Number of Online Fraudulent Activities to Propel Market Growth
Rising number of online fraudulent activities is projected to drive 3D secure pay authentication market growth. With payment methods, increase in the use of e-commerce, improved broadband access, and new technologies are growing. In recent years, digital channels have revolutionized every aspect of companies, social media, dating applications, food delivery, alternative transportation, and holiday rentals. Mentioned factors are expected to result in growth of 3D secure pay authentication market growth during the forecast period.
Lack of global standards and cross border payments to hinder the market growth.
Segments:
By Type
- Access Control Server
- Merchant Plug-in
- Others
By Application
- Merchant and Payment Processors
- Banks
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
Regional Insights
North America to Dictate Market Share as U.S. Has Largest E-Commerce Market
North America is expected to hold majority part in the 3D secure pay authentication market share and set to maintain its dominance in the coming years. The U.S. has the largest ecommerce market globally which is expected to create huge opportunities in the near future. The region has various and major international cards such as Mastercard, Visa, Discover, American Express, and Diners.
Europe is projected to show important progression as it has the highest CAGR with U.K. being the only country in the Europe to support Address Verification Service (AVS) and 3D secure pay authentication.
Asia Pacific is anticipated to show steady growth due to increasing number of mobile and ecommerce payments. China is the largest retail ecommerce market and mobile commerce. The top payment approaches mostly used in the country are UnionPay, Alipay, and WeChat Pay.
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Competitive Landscape
Obtaining of 3D Secure Pay Authentication Certification by Market Players to Drive Market Share
Market players have been focusing on innovating their 3DS solution platform and suites, due to rapid increase in digital transformation and boost of the ecommerce industry. The companies also help other companies in digital transformation and boosting consumer and employee experiences while strengthening security through analytics, outsourcing and sales, and technology and automation. In January 2022, Everlink Payment Services Inc. launched 3D secure payment authentication service through VISA Consumer Authentication Service (VCAS) for Visa and Mastercard card products after obtaining 3D secure certification. The company wants to cut down on CNP transaction fraud by launching the 3D Secure Payment Authentication Service.
FAQ’s
How big is the 3D secure pay authentication market?
3D Secure Pay Authentication Market size was USD 1.05 billion in 2022.
How fast is the 3D 3D secure pay authentication market growing?
The 3D Secure Pay Authentication Market will exhibit a CAGR of 13.3% during the forecast period, 2023-2030
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