Online payment security has risen to prominence in the recent years thanks to the proliferation of smartphones, wearable technology, and increased adoption of m-commerce and e-commerce platforms. The growing demand for diverse payment technology solutions has in turn given rise to the need for payment security solutions. Moreover, governments too are endorsing the use of digital transactions and that too, in a secured manner, which is driving the adoption of payment security solutions across the globe.
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Global as well as local banks are leveraging technological advancements like open Application Program Interfaces (API), Blockchain, instant payments and mobile wallets to enhance the customer experience, which in turn leading to the increase in the demand for the payment security. With online transactions witnessing significant surge across the world, data protection has become of paramount importance. The global payment security market is also undergoing a massive disruption owing to the influx of a number of technological innovations like Blockchain and machine learning.
Blockchain technology has already started reshaping the financial services industry and has made its way into the payment security as well. The digital, decentralized ledger records each and every transaction using cryptography, thereby making transactions highly immune to security leaks and tampering. Also, machine learning is revolutionizing the payments space as the technology can be utilised for detecting any anomaly in user behaviour, and thereby, highlighting potential fraud or security threats. The combination of Blockchain and machine learning is expected to revamp payments security worldwide, by helping consumers enjoy better, faster services in a secured manner.
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