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...