Push Towards Cashless Society, Growing Need to Improve Customer Experience & Reduce Bill Delivery Costs to Drive the Global Electronic Bill Presentment and Payment Market

Global market for Electronic Bill Presentment and Payment (EBPP), in terms of number of B2C electronic bills generated, is projected to reach 27.8 billion by 2024, driven by government’s push towards a cashless society, rising need to improve customer service and reduce bill delivery costs.

The bill payments landscape globally is being transformed due to the shift towards newer payment modes such as mobile based payments, even while traditional and well-established payment methods such as checks, mails and walk-ins continue to hold relevance among customers. The changing scenario is driving businesses to focus on offering intelligent, interactive and intuitive payment solutions. One such solution is electronic bill presentment and payment (EBPP), which enables creation, delivery and payment of bills over the online platform. Also termed e-billing, EBPP solutions are being commonly used by utility, financial services and telecom companies. Unlike paper bills and statements that are capable of providing static and one-way communication, electronic bill presentment and payment (EBPP) allows interactive, personalized and real-time delivery of statements and bills. The implementation of EBPP systems ensures automation, streamlining and management of bill payment processes. The technology has the ability to cut down cost and saves time for payments processing, eliminating the need to use paper mails and enhance marketing capabilities in an intensely competitive marketplace. Further, cost of customer service is also reduced as instances of errors are relatively low in electronic transactions when compared to paper-based transactions.

Rapidly changing global payments landscape and the strong adoption of payment cards i.e. credit and debit cards, for payment purposes offer support for robust demand for EBPP solutions from varied industry verticals. Sustained advancements in payment technologies and continuous increase in adoption of debit and credit cards for payment purposes will fuel growth in the market. Also favoring adoption of EBPP solutions is the rapid growth of e-commerce sector and increasing volume of cashless transactions. One of the major factors fueling growth in the B2C EBPP market is the growing use of smartphones with high-speed Internet connectivity. The market is also being favored by the growing competition to launch advanced communication services, as witnessed through the increasing deployments of 4G mobile networks that is driving growth in broadband Internet connectivity. The rapidly increasing speed, bandwidth, storage capacity and on-demand computing capabilities offered by the Internet is fueling businesses to shift towards online business models involving payments through credit cards and third party providers such as PayPal. With mobile Internet services providing access to various payment portals on-the-go, customers are now able to access latest e-bills and make instantaneous payments through debit/credit cards and Internet banking services. The use of mobile devices is also gaining prominence among employees, as enterprises promote use of smartphones and devices to enhance employee productivity and thus increase revenues. The increasing penetration of devices such as notebooks and laptops, growing BYOD (Bring Your Own Device) trend, expanding mobile Internet networks, and increased availability of Internet-enabled smartphones are all expected to spur growth in the global EBPP market.

As stated by the new market research report on Electronic Bill Presentment and Payment (EBPP), Latin America represents the largest regional market, worldwide. Latin America is forecast to grow at a CAGR of 10% over the analysis period. A major factor responsible for the region’s emergence at the forefront of electronic billing is the mandatory e-billing regulations, which have made electronic invoicing the only commercial billing model in most Latin American countries. Factors responsible for the political emphasis on e-billing include focus on improving tax collection and revenues by curbing corporate and consumer tax evasion through legal and fiscal controls; prevention of tax fraud; 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. Also benefiting growth is the widespread enterprise adoption of EDI (Electronic Data Interchange) technologies, e-signature and other document authentication tools in addition to enterprise wide digital initiatives spanning payroll and e-accounting, among others. In countries such as Mexico, Chile and Brazil, 100% of all business transactions are required to be carried out in electronic billing and payment. The success of all-digital model in these two countries has 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.

Major players in the market include ACI Worldwide, Bottomline Technologies Inc., Communications Data Group Inc., CSG Systems International Inc., CyberSource Corporation, ebpSource Limited, eBillingHub, Enterprise jBilling Software Ltd., Fiserv Inc., FIS, Jack Henry & Associates Inc.®, Jopari Solutions Inc., MasterCard, Pagero AB, PayPal Inc., SIX Payment Services Ltd., Sorriso Technologies Inc., and Striata, among others.

The research report titled “Electronic Bill Presentment and Payment (EBPP) - Market Analysis, Trends, and Forecasts ” 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 single segment report provides market estimates and projections for all major geographic markets such as the US, Canada, Europe, Latin America and Rest of World.

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