SAN FRANCISCO, Dec. 6, 2022 /PRNewswire/ -- The global 3D secure payment authentication market size is expected to reach USD 2.76 billion by 2030, growing at a CAGR of 12.2% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The rising demand for e-commerce has augmented the use of Card Not Present (CNP) transactions.
Key Industry Insights & Findings from the report:
Read 130-page market research report, "3D Secure Payment Authentication Market Size, Share & Trends Analysis Report By Component (Merchant Plug-in, Access Control Server), By Application (Merchants & Payment Gateway, Banks), And Segment Forecasts, 2022 - 2030", published by Grand View Research.
3D Secure Payment Authentication Market Growth & Trends
As a result of such an increase in CNP transactions, the growth in CNP fraud transactions has been observed over the past few years. For instance, according to an end-to-end transaction guarantee platform for online purchases named Vesta, the overall percent of global transactions its system identified as potential fraud ranged between 10 to 13%, with an average value for each fraudulent transaction ranging from USD 126 to USD 155.
Thus, such frauds are creating demand for 3D secure payment authentication solutions across the globe. The benefits offered by 3D secure payment authentication, include liability shift, which shifts liability for fraud-related chargebacks from the merchant to the card issuer protecting the merchants. As a result of such a benefit, it is expected to fuel the growth of the industry over the forecast period. Furthermore, 3D secure payment authentication allows users to choose any medium, including mobile, desktop, or tablet for processing online purchase transactions without compromising on security, which bodes well with the growth of the industry. Furthermore, the increasing partnerships between the banks and 3D secure payment authentication solution providers are expected to drive the industry.
For instance, in May 2022, adevice identity and authentication solutions provider, ENTERSEKT, announced its partnership with Capitec Bank, a retail banking company. This partnership was aimed at implementing ENTERSEKT EMV 3D Secure solution to enhance the security of e-commerce payments and reduce friction for cardholders. The global pandemic has been favorable to industry growth. Nationwide lockdowns and social distancing regulations fueled e-commerce and online shopping, which eventually led to the increased use of CNP and other online payment methods. As a result of increased online CNP frauds during the pandemic, the demand for 3D secure payment authentication was fueled by e-commerce and other merchants to prevent fraud.
3D Secure Payment Authentication Market Segmentation
Grand View Research has segmented the global 3D secure payment authentication market based on component, application, and region:
3D Secure Payment Authentication Market - Component Outlook (Revenue, USD Million, 2017 - 2030)
3D Secure Payment Authentication Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
3D Secure Payment Authentication Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
List of Key Players of 3D Secure Payment Authentication Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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