Electronic Bill Presentment and Payment Market - Increasing Emphasis on Transparency, Simplicity, Ease of Use, and Time-Saving Options is Expected to Lead to Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 10.5% from 2022 to 2028

Electronic Bill Presentment and Payment
  • Electronic Bill Presentment and Payment Market

As stated in our exclusive report, the Global Electronic Bill Presentment and Payment Market accounted forUSD 23.8 Billion Billsin the year 2021. The Electronic Bill Presentment and Payment (EBPP) introduction and payment refer to the paperless credit delivery system. Customers with this option do billing online. This hypothesis is often referred to as e-invoicing, e-billing, or e-payables.

The increasing emphasis on transparency, simplicity, ease of use, and time-saving options further enhance the adoption of e-bill payment solutions. In addition, the popularity of high-speed internet smartphones is growing among customers to access their e-accounts and perform tasks from various payment sites using their credit & debit cards. These factors are anticipated to assist the market growth.

One of the significant obstacles to the widespread adoption of the Electronic Bill Presentment and Payment Market lies in the complexity of payment systems and procedures adopted by financial institutions competing with banks. As a result, some financial institutions have refused to use the introduction of electronic bill and payment solutions for fear of not being able to bypass other services for customers.

Demand for introducing the Tronic bill and payment solutions (EBPP) has grown significantly during the COVID-19 epidemic. Thousands of unforeseen problems ranging from closures, restrictions on the movement of people & goods, ways of moving away from society, and growing awareness of digital payment solutions have led various companies to adopt EBPP solutions to provide better customer information. As a result, EBPP solution providers have seen significant growth in their customer base and performance volumes. In addition, in March 2021, according to an international report released by ACI Worldwide and Global Data, more than 70.3 billion real-time payments were reviewed worldwide by 2020, with a 41% increase seen as the COVID-19 epidemic accelerated the real-time and digital payments.

is expected to dominate the growth of theGlobal Electronic Bill Presentment and Payment Market, owing to the highly developed (EPBB) market in terms of total submissions and payment tools retailers, and bidders across the globe.

The well-known players of the Global Electronic Bill Presentment and Payment Market include ACI Worldwide., Bottomline Technologies Inc., Communications Data Group Inc., CSG Systems International Inc, eBillingHub and others.