The Mobile Payment Security Software Market size is estimated at USD 14.13 billion in 2024, and is expected to reach USD 24.81 billion by 2029, growing at a CAGR of 11.93% during the forecast period (2024-2029).
The rising popularity of mobile wallets in both developed and developing countries is driving up demand for security software by creating new opportunities for companies and service providers.
The Mobile Payment Security Software Market appears fragmented due to the highly competitive traits of the industry, which is increasing the number of suppliers offering mobile payment security solutions. Partnerships are becoming more prevalent, increasing the product portfolio's expansion.
In June 2022, PayU subsidiary Wibmo received recognition as a "PCI Secure SLC Certified Company." Having received this certification, the company is currently among the top 10 globally. More security measures are required to maintain the safety of the software and platforms that customers use, especially in the payments industry, due to the rise in cybercrime that has accompanied the development of digital transactions.
In March 2022, the Centre for Development of Advanced Computing (C-DAC) in Pune, India, introduced three significant products related to supercomputers, wireless communication networks, and M-Kavach 2, an android-based mobile device security solution addressing emerging threats to offer security solutions for cyber offenses.
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