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Global electronic bill presentment and payment market is expected to see significant growth in the coming years, with a report estimating that the market will reach $26.61 billion by 2030 at a CAGR of 9.7%. The use of electronic bill presentment and payment (EBPP) has grown in popularity as a method for customers to receive and pay their bills. This system offers several advantages such as convenience, cost savings, security, and environmental benefits.
The convenience of the EBPP system is one of the main factors driving the market's growth. This is particularly useful for those who prefer to manage their finances online or have limited access to physical locations. Furthermore, companies can reduce costs associated with printing and postage, making it a more affordable option for customers. In addition, the system comes equipped with advanced security features such as encryption and two-factor authentication, which helps protect customer data and reduce the risk of fraud, a growing concern in the digital age.
The rising use of digital technologies across different aspects of life has made customers more comfortable with using online platforms and mobile devices to pay bills. This trend is set to continue, further expanding the EBPP market.
Mobile-Friendly Payment Options and Integrated Payment Solutions Set to Drive Future Growth
The current landscape of the electronic bill presentment and payment market is characterized by several key trends. One of the most notable trends is the increasing demand for mobile payment solutions. As more consumers use their smartphones to manage their finances, EBPP providers are responding by offering mobile-friendly payment options.
Astute Analytica has also observed that the growing use of artificial intelligence (AI) and machine learning (ML) for improving billing and payment processes. AI and ML can help providers identify patterns in customer behavior and develop more personalized payment options, as well as help prevent fraud and enhance security. In addition, the EBPP market is experiencing a shift towards more integrated payment solutions. Many providers in the global electronic bill presentment and payment market are offering end-to-end payment processing solutions that incorporate payment gateways, payment processing, and other payment-related services, making it easier for businesses to manage their finances in one place.
Looking to the future, the EBPP market is expected to continue growing as more consumers and businesses adopt digital payment solutions. One area of potential growth is in the healthcare industry, where providers are increasingly turning to electronic billing and payment solutions to streamline their operations. The market is also expected to see increased competition, as more companies enter the space and offer innovative new solutions.
Mobile Payment Solutions Drive Growth of Phone Bill Segment, Expected to Account for Over 39% of the Global Electronic Bill Presentment and Payment Market
Phone bills are expected to generate more than 39% of the revenue of the global electronic bill presentment and payment (EBPP) market. This is due to the increasing number of mobile phone users worldwide and the growing demand for mobile-friendly payment options. These include utility bills, credit card bills, and insurance premiums. The utility bill segment is expected to account for the largest share of the EBPP market's revenue, followed by credit card bills.
According to a report by Astute Analytica, the phone bill segment of the electronic bill presentment and payment market is projected to grow at a compound annual growth rate (CAGR) of 12.5% during the forecast period. This growth is driven by factors such as the increasing use of smartphones, rising disposable incomes, and the growing popularity of mobile payment solutions. There are 3.8 billion smartphone users worldwide in 2021, with this number projected to reach 4.3 billion by 2023. Wherein, the Asia-Pacific region is expected to have the largest market share of the phone bill segment due to the high number of mobile phone users in countries such as China and India.
Mobile payment solutions, such as mobile wallets and mobile banking apps, are becoming more widely used, particularly in emerging economies. These solutions offer convenience and security, making them an attractive option for consumers. As a result, phone bills are expected to account for a significant portion of the EBPP market's revenue in the coming years.
Asia Pacific Region Poised to Witness Robust Growth in the Global Electronic Bill Presentment and Payment Market with 10.2% CAGR
The Asia Pacific region is projected to witness fastest growth in global Electronic Bill Presentment and Payment (EBPP) market at a projected compound annual growth rate (CAGR) of 10.2% during the forecast period. This projection is supported by several factors. There is a growing adoption of digital payment methods in the region, driven by factors such as rising internet and smartphone penetration, government initiatives promoting digital transactions, and the growth of e-commerce. The digital payment transaction value in the Asia Pacific region is expected to reach USD 4.88 trillion in 2022, up from USD 2.79 trillion in 2019. Secondly, there is an increasing demand for convenient payment solutions in the Asia Pacific region, and EBPP offers several benefits over traditional payment methods, including faster processing times, reduced paperwork, and improved security.
The e-commerce industry in the electronic bill presentment and payment market is also growing rapidly in countries such as China and India, creating a need for efficient and reliable payment solutions such as EBPP. Thirdly, several governments in the Asia Pacific region have launched initiatives to promote digital transactions and reduce the use of cash. For example, the Indian government launched the Digital India campaign to encourage the adoption of digital payment methods, while the Chinese government has been promoting digital payments through its Digital Silk Road initiative. Finally, there is a growing investment in fintech in the Asia Pacific region, with companies developing innovative payment solutions to meet the needs of consumers and businesses.
According to a report, fintech investment in the Asia Pacific region reached USD 12.8 billion in 2021, up from USD 10.9 billion in 2019. These factors suggest that the Asia Pacific region is poised for significant growth in the EBPP market in the coming years.
The Electronic Bill Presentment and Payment (EBPP) market is segmented into:
By EBPP Type
By Bill Type
By Payment Channel