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.