3D Secure Payment Authentication Market Expected to Touch USD 3.49 Billion By 2032: Research Report

NEW YORK, 2023-Oct-23 — /EPR Network/ —The increasing technological advancement in payment authentication technology, adoption of digital technologies for processing online payments, and a growing number of 3D secure payment authentication launches across the globe are key reasons behind the significant growth of the global market. The shift in consumer preferences towards online shopping with the emergence of several online channels and the growing proliferation of smartphones, resulted in a high number of digital fraud activities. Thus, the demand for these types of solutions is gaining high traction for fraud prevention.

For instance, in November 2022, Network International launched its new 3D Secure authentication solution in collaboration with Mastercard. With this collaboration, authentication using Mastercard’s Smart Interface will now be available for merchants in UAE and further using the N-Genius online payment gateway to effectively process eCommerce transactions.

According to the 2023 research report published by Polaris Market Research, the global 3D secure payment authentication market was valued at USD 1.12 billion in 2022 and is expected to reach USD 3.49 Billion By 2032, growing at a CAGR of 12.0% during the forecast period.

The increase in digital economy and e-commerce across the globe are becoming increasingly important in order to cater to the current sustainable development goals, which is creating high growth opportunities and challenges as well. However, as payment systems are becoming more autonomous, the need and prevalence for automation and standardization among both interbank and intrabank networks between nations is growing at a rapid pace and is likely to contribute positively to the market growth over the next coming years.

With the integration and proliferation of PSD2 standard in 3D secure payment authentication technology, the necessitated forced requirement for Strong Customer Authentication and Two Factor Authentication across various hotels and restaurants to be precise the safer and more secure carrying out of online payments has gained significant traction. EMV 3D Secure is the latest version of the current authentication protocol and is generally used to authenticate online card transactions effectively while addressing several SCA requirements.

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3D Secure Payment Authentication Market Report Highlights

• The merchant plug-in segment accounted significant share in 2022 due to the rapid rise in the adoption of this solution across several businesses and the need for innovative ways of card verification
• Merchants & payment gateway segment is witnessing the highest growth at a CAGR owing to the increasing proliferation of minimizing fraud and chargebacks and upgradation to 3D secure 2.0.
• North America dominated the industry with a holding of significant revenue share on account of the increased number of online card transactions and the increasing prevalence of CNP frauds in countries like the US and Canada.
• The global key market players include GPayments Pty. Ltd., American Express Company, RSA Security LLC, Cardknox Development, Mastercard Incorporated, and Visa Inc.

Browse Detail Report with TOC: https://polarismarketresearch.com/industry-analysis/3d-secure-payment-authentication-market

About Polaris Market Research:

Polaris Market Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Polaris Market Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.