Global Electronic Bill Presentment and Payment (EBPP) Market Report 2022-2026: Rise of Customer Self-Service Tipping EBPP Technologies to Mass Adoption Stage
DUBLIN, March 10, 2022 /PRNewswire/ — The “Electronic Bill Presentment and Payment (EBPP) – Global Market Trajectory & Analytics” report has been added to from ResearchAndMarkets.com offer.
Global Electronic Bill Presentment and Payment (EBPP) Market to Reach 35 Billion Bills by 2026
Amid the COVID-19 crisis, the global Electronic Bill Presentment and Payment (EBPP) market, estimated at 19.8 billion bills in 2020, is expected to reach a revised size of 35 billion bills by 2026, with a CAGR of 9.8% over the analysis period.
A key factor driving the growth of the EBPP market is the convenience offered by technology. Driven by the high level of convenience they provide to consumers, while allowing business establishments to reduce the sending of invoices, EBPP services are increasingly popular with customers as well as businesses.
Mobility is the new buzzword among tech-savvy, smartphone-oriented young adults. The growing emphasis on convenience at all times, transaction transparency, ease of use, safe and secure time-saving options is fueling the adoption of e-invoicing. EBPP allows customers to exercise better control over the billing process and ensures faster and more secure payment of invoices.
Electronic invoicing is widely appreciated by consumers, as the technology contributes significantly to environmental protection by enabling consumers to switch to paperless invoices.
The US market is estimated at 6 billion in 2021, while China is expected to reach 6.5 billion by 2026
The Electronic Bill Presentment and Payment (EBPP) market in the United States is estimated at 6 billion bills in 2021. The country currently accounts for a 27.18% share of the global market.
China, the world’s second largest economy, is expected to reach an estimated market size of 6.5 billion invoices in 2026, growing at a CAGR of 13.8% over the analysis period. Other notable geographic markets include Japan and Canadaeach predicting growth of 9.8% and 10.2% respectively over the analysis period.
In Europe, Germany is expected to grow at a CAGR of approximately 1.9% while the rest of the European market (as defined in the study) will reach 7.3 billion invoices by the end of the analysis period.
The market will continue to benefit from the transition to new payment methods such as mobile payments. Forward-thinking organizations that focus on building trusted and environmentally responsible customer relationships, and those that leverage the power of the Internet will continue to see high gains relative to other organizations.
With EBPP, service providers are able to provide a convenient platform for customers to view and pay their bills online. Time-pressed customers find EBPP more convenient and easy to use to pay their bills, while having access to the same account as the supplier contact center. EBPP systems will experience increased adoption supported by the advantages offered by the technology over competing technologies.
Driven by factors such as technological developments, the lower cost of electronic payments and the benefits offered to consumers as well as organizations, EBPP is fast becoming a vital factor for the success of any modern organization.
Factors such as increased control, assured security, privacy and convenience have and will continue to drive the growth of electronic invoicing and payment systems. EBPP will continue to attract financial services and insurance companies (including credit card issuers, retail banks and investment banks) and telecommunications industries which typically generate hundreds to millions invoices per month.
Other large companies expected to accelerate EBPP adoption include energy and utilities, government, education, transportation, retailers, and healthcare organizations. Even in the pre-pandemic period, EBPP was rapidly emerging as a lucrative alternative for mobile operators, especially for those looking for new solutions to minimize operational costs.
Main topics covered:
1. MARKET OVERVIEW
- Electronic Bill Presentment and Payment (EBPP): Solidly Built on the Next Generation Internet Economy
- The race between the virus and vaccines is heating up. Amid this chaotic battle, where is the global economy headed in 2021?
- These are times when questions abound and answers are few.
- So how fast or how fast are we moving?
- The reduction in unemployment levels in 2021, while moderate, will bring hope to industries dependent on consumer discretionary income
- Electronic Bill Presentment and Payments (EBPP): Definition, Scope, Benefits and Importance
- Here’s what to expect in the EBPP market, post-pandemic
- Recent market activity
2. FOCUS ON CERTAIN PLAYERS (Total 87 Featured)
- ACI Worldwide Inc.
- Bottomline Technologies, Inc.
- Communication Data Group, Inc.
- CSG Systems International, Inc.
- Cyber Source Corporation
- ebpSource Limited (UK)
- Company jBilling Software Ltd.
- Fiserv, Inc.
- Jack Henry & Associates, Inc.
- Jopari Solutions, Inc.
- Pagero AB
- PayPal, Inc.
- SIX Payment Services AG
- Sorriso Technologies, Inc.
3. MARKET TRENDS AND DRIVERS
- Global Efforts to Go Cashless Provides Policy Support for EBPP Evolution
- Boosted by the pandemic and its low-contact norm, rapid progress towards a cashless society offers opportunities on a plateau for the EBPP
- Here’s how the pandemic is accelerating the movement towards electronic modes of Payment of bills
- Rise of digital lifestyles, increase in FTTH connections and online banking habits to support market growth
- The Dramatic Rise of E-Commerce and Mobile Commerce Strengthens EBPP’s Business Case
- The pandemic is accelerating the growth of e-commerce
- Mobile wallets and payments go mainstream, driving growth in the EBPP market
- Mobile banking: introduction
- The share of mobile payments is increasing
- Developments in mobile wallets encourage increased mobile payments
- Mobile money flourishes in developing countries
- Outsourced EBPP services are gaining popularity
- Rise of customer self-service pushes EBPP technologies into mass adoption
- Intuitive e-Invoice Design: Key to Successful Invoice Presenting
- SMS and ATMs emerge as innovative means of electronic payment
- SMEs: a cluster of emerging and lucrative clients for EBPP
- Improved business reconciliation, invoicing and payment functions with EBPP
- Billing Convergence with Customer Analytics Opens a New Window of Opportunity
- Launch e-invoice adoption campaigns to take advantage of market growth
- Growing focus on environmental sustainability for the benefit of EBPP
- Here’s why CSPs are turning to EBPP solutions
- Cryptocurrency as a payment model is gaining popularity
- QR code payments are gaining ground
- 5G connectivity to boost mobile-first approach to digital payments
4. GLOBAL MARKET OUTLOOK
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/xwzgjj
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