Electronic Bill Presentment and
Payment (EBPP) is a process of electronically delivering the bills to
the individuals and receiving the bill payment via the internet or
through an electronic network. For instance, a customer receives the
telephone bill via an e-mail. This e-mail also has a hyperlink mentioned
by the service provider for the payment options. After reviewing the
entire bill, the customer clicks on the hyperlink, selects the mode of
payment and initiates the transfer of funds. The electronic bills
delivery and receipt of payments can also be conducted via two separate
networks. For example, in business to consumer transactions such as
payment of utilities, the bills are received at the site in the form of
paper and payment is done using debit or credit cards.
Implementing the system of EBPP by
business establishments automates, streamlines and manages processes
that involve payments. The benefits of implementing EBPP technology is
that it reduces the time and costs associated with processing by
eliminating the need to print and post paper mails, optimize working
capital, improves marketing capabilities and be ahead in the competitive
environment. Also, the customer service costs tend to drop due to
lesser errors in electronic transactions than in paper transactions.
Further, EBPP technology enables settling of disputes electronically by
presenting interactive bills and eliminating lengthy telephone
conversations.
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The increasing use of smart phones
with high-speed internet access is the major factor that drives the EBPP
market. Mobile internet enables on-the-go access to various payment
portals and enables customers to carry out various transactions such as
payments using debit card and credit card, online bank transfer and
access latest e-bills via e-mails instantaneously. Enterprises are also
promoting the use of mobile devices by providing their employees with
smart phones and tablets so that they can increase their revenue by
boosting employee productivity. The strong penetration of laptops and
notebooks, gaining trend of BYOD (Bring Your Own Devices), growth of
mobile internet networks and increase in internet enabled smart phones
drives the EBPP market.
One of the major factors that is
contributing to the growth of EBPP market is the stiff competition among
the vendors that enables launching of converged communication services
such as 4G mobile network deployments leading to rapid growth in
broadband internet systems. The continuously increasing speed, storage
capacity, bandwidth and on-demand computing power of internet is driving
the business establishments to migrate to online business models
wherein payments are done through credit cards and third party services
such as PayPal. However, the presence of coordination problems in the
EBPP systems is adversely affecting the growth of this market.
Implementation of EBPP systems
involves certain amount of initial costs for the billers and customers.
In such a case, if customers refuse to use the EBPP system, the billers
may not be able to recover their initial costs. Also, billers need to be
confident that they are able to eliminate the paper-based system by
convincing their customers to switch to the new technology. Moreover,
due to difficulties in predicting the adoption rates; there is no
accurate way to estimate the return on investment. Further, the billers
are reluctant to invest on the time needed to train their
customers/staff with such a technology thereby delaying its adoption.
Another challenge is the possibility that a mobile device could be
stolen or lost. In such cases, there are chances of unauthorized usage
of the device leading to frauds and thefts. For the same reason, demand
for customized solutions is expected to see rise during the forecast
period. The electronic billing platforms are customized to leave an
electronic audit trail for securing the internet transactions thereby
giving customer’s confidence a major boost.
The EBPP market can be segmented on
the basis of the end-user industries such as banking and financial
services, insurance, health care, telecommunication, retail, education,
media, manufacturing and government. The retail segment majorly
contributes to the EBPP market due to the growing number of customers
opting for online shopping and payments.
Some of the major players in the
market include ACI Worldwide, Inc., CSG Systems International, Inc and
Monitise Group Limited, among others. Some of these vendors are
consistently acquiring companies to enhance the quality of their
services. For instance, Mastercard Incorporated, on Sep 6, 2012,
acquired Truaxis, Inc. with a view to enhance the quality of
personalized shopping offers and the rewarding system to customers.
This research report analyzes this
market on the basis of its market segments, major geographies, and
current market trends. Geographies analyzed under this research report
include
- North America
- Asia Pacific
- Europe
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of
current trends in the market, industry growth drivers, and restraints.
It provides market projections for the coming years. It includes
analysis of recent developments in technology, Porter’s five force model
analysis and detailed profiles of top industry players. The report also
includes a review of micro and macro factors essential for the existing
market players and new entrants along with detailed value chain
analysis.
Reasons for Buying this Report
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a six-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
- It provides distinctive graphics and exemplified SWOT analysis of major market segments
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