Electronic Bill Presentment and Payment Market

Market Synopsis:

The Global Electronic Bill Presentment and Payment Market was valued at USD 23.8 Billion in 2021 and is expected to reach a value of USD 43.3 Billion by 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 10.30% over the forecast period.

A method that permits bills to be prepared, delivered, and paid online is known as Electronic Bill Presentment and Payment. One of the primary factors driving demand for Electronic Bill Presentment and Payment solutions across many industries worldwide is the changing payment environment worldwide, which has resulted in the growing acceptance of debit and credit cards. Banks and financial institutions have played a significant role in this transition by offering a varied range of debit cards & credit cards to all account holders. Electronic bill presentation is also known as e-billing, e-invoicing, and other terms. The number of digital payment users in the United Kingdom has increased, favoring the Electronic Bill Presentment and Payment sector. The convenience provided by the technology is a key factor driving growth in the EBPP industry.

Customers and businesses are gradually favoring Electronic Bill Presentment and Payment (EBPP) services due to the ease it provides to consumers while allowing enterprises to reduce bill dispatch. The popularity of e-billing is being contributed by a growing emphasis on anytime convenience, transaction transparency, ease of use, and safe and secure time-saving choices. In addition, customers have more control over the billing process with {{keyword }} (EBPP), and bills are paid faster and more securely. Consumers also love e-billing because it helps to safeguard the environment by allowing them to switch to paperless billing, and it is expected to contribute to the Electronic Bill Presentment and Payment (EBPP) market.

Market Segmentation:

The Electronic Bill Presentment and Payment Market is segmented based on Product, Application, Channel, End-Use, and Region. Based on Product, the market is further sub-segmented as Electronic Bill Payment and Electronic Bill Posting. Based on Application, the market is divided into sub-segments like Billers, Consumers, Bill Consolidator, and Banks & Financial Institutions. Moreover, based on the Channel segment, the market is sub-segmented as Mobile, Web, Email, IVR, POS, and Kiosk. Finally, based on the segment End-Use, the market is further sub-segmented as BFSI, Insurance, Healthcare, IT & Telecom, Retail, Education, Media & Entertainment, Manufacturing, and Other End Uses.

Based on Product:

Based on Product, the Electronic Bill Payment sub-category is expected to grow significantly. Consumers now, more than ever, see Electronic Bill Payment as a cost-effective and straightforward way to manage their cash flow and ensure regular bill payments. Because of its multiple advantages, such as safety, security, environmentalism, simplicity, and the capacity to offer due-date reminders, Electronic Bills will continue to eat into the market for paper bills. Lately, due to the lower risk of fraud compared to check payments, other ways like automated teller machines, mobile phones, and online portals have become famous for bill payments.

Based on Application:

Based on the segment Application, the Bill Consolidator sub-segment is expected to grow and contribute the largest share of the Electronic Bill Presentment and Payment Market. Customers can pay many companies' bills through one site using the bill-consolidator system. To put it another way, this is a one-stop solution wherein the user gets the flexibility that they receive various client payments and distribute them to the right companies. For example, a bank might provide internet users with the ability to pay for credit cards, utility bills, and insurance premiums. There are also independent websites where customers may view and spend all of their bills.

North America has the Largest Share of the Market, and the Asia Pacific is expected to be the Fastest-Growing Region during the Forecast Period

North America has the most developed market for Electronic Bill Presentment and Payment (EPBB) in terms of total presentation and payment facilities; vendors and billers have widely adopted these solutions, and individuals prefer to pay using their phones. In addition, government restrictions further impact the market on the use of Electronic Bill Presentment and Payment (EBPP) on highways in numerous major cities across the world, including New York and California in the United States, New South Wales in Australia, and the Netherlands, and Dubai.

The internet and smartphone usage rate have increased across the Asia Pacific region, resulting in more seamless digital payments. With the advancement of digital payment technology, E-commerce sales in India are also expanding. The fast-expanding internet speed and other internet-related technological improvements support businesses in making simple online payments. Sellers are compelled to embrace online business models in which payments are made online via credit cards, wallets, and third-party services because of technological advancements. This rise indicates consumers' growing comfort with online shopping, which is good news for the Electronic Bill Presentment and Payment (EBPP) industry.

Competitive Landscape:

The key players in the Global Electronic Bill Presentment and Payment Market include- ACI Worldwide. and others.

Segmentation of the Global Electronic Bill Presentment and Payment Market: