Electronic Bill Presentment and Payment Market: Current Analysis and Forecast (2022-2028)

Electronic Bill Presentment and Payment Market: Current Analysis and Forecast (2022-2028)

Electronic bill payment and presentment (EBPP) is a process that companies use to collect payments electronically through systems like the Internet, direct-dial access, and Automated Teller Machines (ATMs). The growing adoption of electronic bill payment solutions for efficient management of expenses and the optimization of human resources to reduce operational costs are attributed to the growth of the electronic bill payment and presentment (EBPP) market. Furthermore, the rising adoption of smartphones with high-speed internet access to access their bills and carry out payments with the portals such as debit cards and credit cards also increases the market for the EBPP.

Therefore, increasing demand for efficient operations is expected to drive the global electronic bill presentment and payment market at a CAGR of 7%, during the forecast period.

COVID-19 has a staggering effect and has a negative impact on the global economy due to imposed lockdowns and government restrictions. However, the market for electronic bill payment and presentation (EBPP) witnessed significant growth during this period. This is mainly due to the rising online shopping and payment during the pandemic due to imposed lockdown and restrictions on gathering.

• Based on the channel, the market has been categorized into mobile, email, web, and others. Among them, the mobile segment is expected to have significant growth in the market. The rising number of smartphone users and an increasing number of mobile banking applications are the important reason for the growth of the segment in the market. For instance, around 44 percent of the Indian population is currently using smartphones which means around 606.5 million Indians have access to smartphones.
• Based on the end user, the market has been categorized into BFSI, IT & telecom, government, energy & utilities, and others. Among them, the BFSI segment is expected to have significant growth in the market during the forecast period. This is mainly due to the adoption of digital payments and the increasing use of technology by the sector. Furthermore, the increasing accessibility of the online payment system launched by banks and financial organizations also increases the market for electronic bill presentation and payment.
• For a better understanding of the market adoption of the electronic bill presentment and payment industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia pacific constitutes a significant electronic bill presentment and payment market due to the presence of emerging economies, the rising efforts of the nations to digitalize their economy, and the growing startups are some important factors for the market growth of electronic bill presentment and payment in the region. For instance, as per startupindia.gov, India has the 3rd largest startup ecosystem in the world; expected to witness YoY growth a consistent annual growth of 12-15%.
• Some of the major players operating in the market include ACI Worldwide Inc., Bottomline Technologies Inc., Communications Data Group Inc., CSG Systems International Inc., CyberSource Corporation, ebpSource Limited, eBillingHub, Enterprise jBilling Software Ltd., Fiserv Inc., and FIS.