In terms of revenue, the Global Electronic Bill Presentment and Payment Market is expected to reach USD 43.3 Billion by 2028, rising at a Compound Annual Growth Rate (CAGR) value of 10.30% from 2022 to 2028.
The market rise, during the forecast period from 2022-2028, is driven by organizations' growing adoption of electronic bill (e-bill) payment solutions to efficiently help customers manage their expenses and optimize human resources to reduce operational costs and augment profitability.
Key Highlights from Report:
- The Mobile sub-segment in the Channel segmentation of the market held a significant share in 2021. This share is attributable to the increasing use of mobile internet allows customers to access various payment portals while on the go and conduct multiple transactions such as credit card and debit card payments, online bank transfers, and instant access to the most recent e-bills via e-mails, all of which aid in Electronic Bill Presentment and Payment.
- The BFSI sub-segment from the End-Use segment is projected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period. This growth is attributable to the increasing financial services mainly acquired by businesses. In addition, because of their scale, many financial service providers, such as banks, wealth management firms, and tax advisory firms, must conduct multiple cash transactions. As a result, they have a significant demand for robust electronic bill payment solutions, fueling market expansion.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. Internet and smartphone users have increased substantially across Asia, 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. This rise demonstrates consumers' growing comfort with online shopping, which is good news for the Electronic Bill Presentment and Payment (EBPP) business.
The increasing popularity of e-bill payment systems is fueled by an expanding emphasis on transaction transparency, convenience, ease of use, and time-saving choices. Customers are also increasingly adopting smartphones with high-speed internet access to read their e-bills and complete transactions using their credit and debit cards from multiple payment portals. In addition, several digital payment solution providers are attempting to negotiate with utility companies to improve their services. By providing flexible digital payment methods, these advancements help to improve the client experience. Thus, the Electronic Bill Presentment and Payment Market is predicted to propel during the forecast period in the region.
During the COVID-19 pandemic, there was a spike in demand for Electronic Bill Presentment and Payment (EBPP) systems. In addition, a slew of unanticipated challenges resulting from lockdowns, limits on the movement of people and goods, social distancing measures, and a growing knowledge of digital payment solutions prompted several businesses to implement EBPP solutions to improve customer experience. As a result, EBPP solution providers' customer bases and transaction volumes grew exponentially.
North America held the most significant shares in 2021. The US region contributed the largest share in North America for the Electronic Bill Presentment and Payment Market. This share is attributable to vendors and billers, which have primarily implemented these solutions in comprehensive presentation and payment facilities. Mobile payment is the favored payment method among customers. The market is further impacted by government prohibitions on the use of Electronic Bill Presentment and Payment (EBPP) on highways in numerous major cities across the world. The list includes large cities like New South Wales in Australia, New York and California in the United States, and Dubai in U.A.E to name a few.