Payment Monitoring Market is Booming globally with Marginal GrowthPosted by Mrudula Anil Karmarkar on May 6th, 2022 The global payment monitoring market size is anticipated to reach USD 31.05 billion by 2027, registering a CAGR of 16.1% from 2020 to 2027, according to a new report by Grand View Research, Inc. The payment monitoring market growth trends include increase in digital payments and need for reducing money laundering, managing Know Your Customer (KYC) compliance, and Counter Terrorism Funding (CTF) activities. Hence, various organizations are focusing on deploying payment monitoring solutions to constrain illegal activities, which shuts off the cash flow and help reduce such activities. People are becoming more digitally connected, which is driving the adoption of online transactions, hence, data control and personal identity theft have become a major concern for online retailers. Furthermore, the cyber thefts by hackers and cybercriminals are growing at an alarming rate, which costs companies several billion dollars each year. The high-level risk of identity theft and data loss can be reduced with the usage of payment monitoring solutions. Thus, the rising need for protection against cyber frauds will drive market growth during the forecast period. Increasing awareness among organizations to comply with the regulations and standards related to payment services is the primary factor contributing to market growth. Further, the growing trend of having proactive risk alerting systems by using advanced analytics is also propelling the growth. Additionally, the necessity for organizations to strictly comply with Know Your Customer (KYC) regulations and eradicate money laundering and Counter-Terrorism Financing (CTF) activities is also expected to drive the market. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/payment-monitoring-market/request/rs1 Payment Monitoring Market Report Highlights
Payment monitoring is the process of reviewing, administering, and analyzing the transaction processed on a business application. The major function of payment monitoring is to observe customer transactions, which involve assessing customers’ current as well as historical information to provide a full view of the customer activity. It is mainly done to evaluate the overall performance of the transaction processing system and is used by the organizations for effectively and efficiently managing different types of transactions of the customer. These solutions help them to identify high-risk activities, protect customer business, and maintain the banking relationship, which is subsequently driving the market growth. Like it? Share it!More by this author |