MCP-1846: ELECTRONIC BILL PRESENTMENT & PAYMENT – A GLOBAL STRATEGIC BUSINESS REPORT
March 8, 2017 – 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. The 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.
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