Global Number of B2C Electronic Bills Generated is Forecast to Reach 23.4 Billion by 2022
Need to Raise
Consumer Engagement, Reduce Document Delivery Costs & Enhance Customer
Convenience to Drive the Global Electronic Bill Presentment & Payment Market,
According to a New Report by Global Industry Analysts, Inc.
GIA launches
comprehensive analysis of industry segments, trends, growth drivers, market
share, size and demand forecasts on the Electronic Bill Presentment &
Payment market. Global number of B2C electronic bills generated is forecast
to reach 23.4 billion by 2022, driven
by the need to raise consumer engagement, reduce document delivery costs and enhance
customer convenience.
Electronic bill
presentment and payments (EBPP) is an evolving market offering huge prospects
for growth. Forward-thinking organizations with a focus on establishing
trusted, eco-friendly customer relationships, and those leveraging the power of
the Internet are scoring high gains over the other organizations. Through
Electronic Bill Presentment & Payment (EBPP), service providers are able to
provide a convenient platform for customers to view and remit bills online.
Time starved customers are finding EBPP more convenient and easy to use. EBPP
systems are witnessing increased adoption supported by the benefits offered by
the technology in comparison to competing technologies. Driven by the factors
such as developments in technology, lesser cost of e-payments, increased
control, assured security, privacy and convenience, presence of
technology-savvy individuals, higher penetration rates of broadband and
increased use of online banking services, EBPP is all set to become a vital
factor for the success of any modern organization.
A growing number of
companies including traditional service providers like utilities are
increasingly migrating to an online business model where customers are allowed
to make their payments through credit cards and/or third-party services, such
as PayPal. E-payments worldwide are growing at an astounding rate, while cash
payments in comparison are witnessing a parallel decline. Easy access to high
speed internet ranks as the primarily factor driving the trend. Consumers are
utilizing the online payment mode to clear all kinds of bills including utility
bills such as electricity bill, telephone bill, gas bills, water bills and
other types of bill payments such as university fees, insurance bills, cable TV
subscriptions, mortgage, rent, loan repayment, and credit card bills. Other
major factors driving growth in the market include global efforts to go
cashless; rapid growth in eCommerce and
mCommerce; developments in internet security; increasing use of Internet
enabled smartphones for non-voice related tasks; rising prominence of customer
self-services; developments in mobile wallet and payment apps; and rapid
migration to paperless work environment, among others.
As stated by the new
market research report on Electronic Bill Presentment & Payment, Latin America represents the largest market
worldwide supported by mandatory e-billing regulations as a result of the
political focus on exerting strong fiscal controls to curb tax evasion and
fraud. Mandatory e-billing regulations have made electronic invoicing the only
commercially viable billing model in most Latin American countries. In Mexico
and Brazil almost 100% of all business transactions conclude in electronic
billing and payment. The success of the all-digital model in these two
countries have encouraged governments in other countries such as Argentina,
Colombia, Peru, Guatemala and Uruguay to set goals to achieve full
electronification over the medium to long-term period. Few of the factors
responsible for the political emphasis on e-billing include focus on improving
tax collection and revenues; reduce the incidence of ghost transactions which
breed black market goods; and the need to spread the social benefits of
e-billing by encouraging more cost and time efficient processing of business
transactions.
Major players in the
market include ACI Worldwide, Bottomline Technologies Inc., Communications Data
Group, CSG Systems International Inc., Discover Financial Services, ebpSource
Limited, eBillingHub, Enterprise jBilling Software Ltd., Fiserv Inc., FIS, Jack
Henry & Associates, Jopari Solutions Inc., Monitise Group Limited,
MasterCard, Pagero AB, PayPal Inc., RDM Corporation, Sorriso Technologies Inc.,
SIX Payment Services Ltd., Striata, Visa Inc., and CyberSource Corporation,
among others.
The research report titled “Electronic Bill Presentment
& Payment: A Global Strategic Business Report” announced by Global
Industry Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The report provides market estimates and
projections for all major geographic markets such as the USA, Canada, Europe,
Latin America, and Rest of World.
Global Industry Analysts, Inc.
6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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