SAN FRANCISCO, Aug. 5, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Electronic Bill Presentment and Payment (EBPP) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 18; Released: July 2021
Executive Pool: 6844
Companies: 87 - Players covered include ACI Worldwide; Bottomline Technologies Inc.; Communications Data Group Inc.; CSG Systems International Inc.; CyberSource Corporation; eBillingHub; ebpSource Limited; Enterprise jBilling Software Ltd.; FIS; Fiserv Inc.; Jack Henry & Associates Inc.Â®; Jopari Solutions Inc.; Pagero AB; PayPal Inc.; SIX Payment Services Ltd.; Sorriso Technologies Inc.; Striata and Others.
Coverage: All major geographies and key segments
Segments: Segment (Electronic Bill Presentment and Payment (EBPP))
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Electronic Bill Presentment and Payment (EBPP) Market to Reach 35 Billion Bills by 2026
EBPP can be defined as provision of billing information through electronic media to the end customers, while offering requisite electronic payment options in order to facilitate swift settlement Originally created by the Council for Electronic Billing and Payment of the National Automated Clearing House Association, the EBPP model is a type of electronic billing, wherein billers create electronic bills for customers to view and pay the bills using an electronic medium (Internet). Also termed e-billing or e-invoicing, EBPP solutions are being commonly used by utility, financial services and telecom companies. Unlike paper bills and statements that are capable of providing static and one-way communication, electronic bill presentment and payment (EBPP) allows interactive, personalized and real-time delivery of statements and bills. The implementation of EBPP systems ensures automation, streamlining and management of bill payment processes.
The technology has the ability to cut down cost and saves time for payments processing, eliminating the need to use paper mails and enhance marketing capabilities in an intensely competitive marketplace. Further, cost of customer service is also reduced as instances of errors are relatively low in electronic transactions when compared to paper-based transactions. The technology can also ensure settlement of disputes through the presentation of interactive bills and by reducing telephonic conversations. Amid the COVID-19 crisis, the global market for Electronic Bill Presentment and Payment (EBPP) estimated at 19.8 Billion Bills in the year 2020, is projected to reach a revised size of 35 Billion Bills by 2026, growing at a CAGR of 9.8% over the analysis period.
A key factor driving growth in the EBPP market is the convenience offered by the technology. Driven by the high level of convenience it offers to consumers, while enabling business establishments to cut down on bill dispatch, EBPP services are increasingly favored by customers as well as businesses alike. Mobility is the new buzzword among technology savvy smartphone oriented young adults. Growing emphasis on any-time convenience, transparency in transactions, simplicity in use, safe and secure time-saving options are fueling adoption of e-billing. EBPP enables customers to exercise better control over the billing process and ensures faster and secured payment of bills. E-billing is widely being appreciated by consumers, as the technology contributes significantly in protecting the environment by allowing consumers to shift towards paperless bills.
The U.S. Market is Estimated at 6 Billion in 2021, While China is Forecast to Reach 6.5 Billion by 2026
The Electronic Bill Presentment and Payment (EBPP) market in the U.S. is estimated at 6 Billion Bills in the year 2021. The country currently accounts for a 27.18% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of 6.5 Billion Bills in the year 2026 trailing a CAGR of 13.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.8% and 10.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.9% CAGR while Rest of European market (as defined in the study) will reach 7.3 Billion Bills by the close of the analysis period.
The market will continue to benefit from the shift towards newer payment modes such as mobile based payments. Forward-thinking organizations with a focus on establishing trusted, eco-friendly customer relationships, and those leveraging the power of Internet will continue to score high gains over other organizations. Through 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 to pay bills, while gaining access to the same account as supplier contact center. EBPP systems will witness increased adoption supported by benefits offered by the technology in comparison to competing technologies. Driven by factors such as developments in technology, lesser cost of e-payments and the benefits offered to the consumers as well as organizations, EBPP is all set to become 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 growth of e-billing and payment systems. EBPP will continue to appeal to financial services and insurance companies (including credit card issuers, retailer banks, and investment banks), and telecommunications industries that typically generate hundreds to millions of bills per month. Other major businesses expected to step up adoption of EBPP include energy and utilities, government, education, transportation, retailers, and health care organizations. Even in the pre-pandemic period, EBPP was rapidly emerging as a lucrative alternative for mobile operators specifically for those in quest for novel solutions to minimize operational costs. More
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