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With 30.6 Billion Bills Projected to be Generated by 2026, Global Electronic Bill Presentment and Payment (EBPP) Market is Poised for Smart Growth

Amid the COVID-19 crisis, the global market for Electronic Bill Presentment and Payment (EBPP) estimated at 22.5 Billion bills in the year 2022, is projected to reach a revised size of 30.6 Billion bills by 2026, growing at a CAGR of 7.7% over the analysis period. Electronic Bill Payment, one of the segments analyzed in the report, is projected to grow at a 8.5% CAGR, while growth in the Electronic Bill Presentment segment is readjusted to a revised 7% CAGR for the next 7-year period.

Up until the start of the pandemic in 2020, digital options have been provided by billers to gain a competitive edge. However now, providing digital options has become an essential strategy for billers to sustain their operations. Billers that made significant investments in digital transformation in the past few years have been better prepared during the COVID-19 pandemic to meet the rapidly evolving consumer preferences and behavior. Billers who are yet to start their digital transformation are required to focus on a digital plan that can deliver end-to-end digitization. Initially, they can start the digitization of the front-end processes, such as the customer engagement in the payment and billing process, in order to streamline the transformation of the back-end processes. End-to-end digitization can simplify automation and make the entire process touch-free, which is currently the preferred way of transaction for a growing number of customers. As electronic bill presentment acts as the start of the customer journey, companies can initiate their digital transformation from this stage. Recognizing the consumer preference for more delivery options, companies have to provide multichannel e-delivery, including e-bill consolidation and secure email, mobile, and web delivery, to better fulfill the demands of their consumers. Additionally, the electronic bill presentment is required to be sufficiently robust to accept all types of payments, such as digital wallets, debit cards, ACH, and credit cards, in a secure manner.

For customers, E-billing can ensure security and privacy by securing personal information. Customers can conveniently view their bill when the bill is available, view the bill payment amount the due dates of payments, and check their balances at any time from any location. Additionally, they can directly initiate payment from their preferred channel of payment and assuage the concerns related to missing a payment by setting payment alerts and reminders. E-billing boosts customer satisfaction by reducing payment issues and faster payment processing.

Billers can save a considerable amount of money through the adoption of e-billing. Additionally, they can receive faster payments from the preferred digital channel of the customers, leading to an improved and predictable cash flow. Automation of the account reconciliation can help businesses to track transactions in a better manner and reduce human error. Moreover, the paperless mode of billing is eco-friendly as it protects the environment. Thus, investments in e-billing can help in retaining old customers and attracting new customers.

The EBPP market globally 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.

Electronic bill payment today, more than ever, is viewed by the consumers as a cost-effective and efficient way of managing their cash flow and ensuring timely payments of their bills. Electronic bills will continue to eat into the market for paper bills by virtue of its numerous advantages such as safety, security, eco-friendliness, convenience and the ability to provide due-date reminders. Automated teller machines, mobiles, and online websites have become emergent options for bill payment, thanks to having the advantage of minimized fraud as compared to check payments. The United States and Canada continue to remain large markets for e-bills. Factors such as presence of technology-savvy individuals, higher penetration rates of broadband and increased use of online banking services are attributed as the major driving forces for increased adoption of e-bills among these regions. Surging costs of mailing paper checks for the payment of the bills is further fueling the demand for electronic bills. Payment of bills through online mode enables the individual to cut down on the cost of stamps, paper and other associated expenses. Thus, billing entities and banks offering e-billing facilities to their consumers will witness enhanced customer retention rates and increased customer satisfaction.

Rapidly changing global payments landscape and the strong adoption of payment cards i.e. credit and debit cards, for payment purposes will also support the robust demand for EBPP solutions Sustained advances in payment technologies and continuous increase in adoption of debit and credit cards for payment purposes will fuel growth in the global EBPP market. Also favoring adoption of EBPP solutions will be the rapid growth of e-commerce sector and increasing volume of cashless transactions. One noteworthy factors that will fuel growth in the B2C EBPP market include growing use of smartphones with high-speed Internet connectivity, growing competition to launch advanced communication services, as witnessed through the increasing deployments of 4G and 5G mobile networks that is driving growth in broadband Internet connectivity.

The rapidly increasing speed, bandwidth, storage capacity and on-demand computing capabilities offered by the Internet will fuel businesses to shift towards online business models involving payments through credit cards and third party providers such as PayPal. With mobile Internet services providing access to various payment portals on-the-go, customers can access latest e-bills and make instantaneous payments through debit/credit cards and Internet banking services. The use of mobile devices will continue to gain prominence among employees, as enterprises promote use of smartphones and devices to enhance employee productivity and thus increase revenues. The increasing penetration of devices such as notebooks and laptops, growing BYOD (Bring Your Own Device) trend, expanding mobile Internet networks, and increased availability of Internet-enabled smartphones are all expected to spur growth in the global EBPP market.