Industry Background:
Electronic bill presentment and payment is a presentation of online billing statements to many other sectors. It is a web-based payment method that includes credit card charging and electric funds transfer. It is an e-billing process that enables customers to pay the amount directly from a bill. The EBPP solution enables the distribution of high volumes of bills and statements. Through this end, users can make payment within the bill and set-up recurring payments and also save the details for future payments. This solution offers enhanced customer experience across. This solution benefits as a cost reduction, faster payment, enhanced security. This system helps in achieving businesses to grab new business opportunities and increasing efficiencies to become more profitable.This growth is primarily driven by Stringent Rivalry among the Telecommunication Vendors for Launching Converged Communication Services Which Includes 4g Mobile Network Deployments
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Internet Software & Services sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as IBM (United States), Visa, Inc. (United States), CyberSource Corporation (United States), Bottomline Technologies, Inc. (United States), Communications Data Group (United States), CSG Systems International, Inc. (United States), Discover Financial Services (United States), Enterprise Billing Software Ltd. (Canada), Fiserv, Inc. (United States), Pagero AB (Sweden) and PayPal, Inc. (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In Feb 2019, ACI Worldwide announced the acquisition of Speedpay, the United States business worth USD 750 million. The reason behind this agreement is because of the growing demand of electronic bill payment and presentment in the United States region. By combining together both companies can serve more than 4000 customers across the United States.
In May 2021 BNY Mellon announced that it has launched a first-of-its-kind real-time electronic bill (e-bill) and payment solution. Displacing the inefficient and antiquated process historically used to handle the majority of the 15 billion bills paid in the U.S. annually, this pioneering capability enables U.S. businesses to present digital bills to their consumer clients in real-time and receive instant payment via the consumers' preferred online and mobile banking channels.The global electronic bill presentment and payment market is a highly competitive market and consists of some major players in the industry. In concern of the market share, some of the key players are highly dominating the global market. These leading players are focusing on strategic collaboration such as to enhance their market share and improve their business profitability.
Influencing Trend:
High adoption of biller direct model, with the help of this model, they works great for a biller and its business partners, it does not provide any convenient mechanism for a consumer to view statements and pay bills. The major reason behind the adoption of this model is because this model provides the business opportunity for high customer interaction by allowing the biller to control marketing messages.
Market Growth Drivers:
Stringent Rivalry among the Telecommunication Vendors for Launching Converged Communication Services Which Includes 4g Mobile Network Deployments, Development in Broadband Internet Systems, Rising Use of Internet Technologies and Increasing Enterprises Concern For Strengthen the Customer Relationship Management Efforts to Capitalize On New Business Opportunities
Challenges:
Rising Security Concern.
Restraints:
Complex Back End Integration System and Complex Procedure of Connections between the Back-End Billing and Payment Systems
Opportunities:
Growing Demand Immediate and Accurate Production of Bills, Statement and Confirmation Notices, and Payment Collection to Corporate Success
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Electronic Bill Presentment and Payment Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Electronic Bill Presentment and Payment Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Electronic Bill Presentment and Payment players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Electronic Bill Presentment and Payment Study Sheds Light on
The Electronic Bill Presentment and Payment Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Electronic Bill Presentment and Payment industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Electronic Bill Presentment and Payment industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.