The global market for Electronic Bill Presentment and Payment is set to reach 35 Billion Bills by 2026 according to a new report published on ReportLinker, called “Global Electronic Bill Presentment and Payment (EBPP) Industry.” The previous estimate of the market in the year 2020 was 19.8 Billion Bills, which makes the hike rise by a good 15.2 Billion Bills, making the Compound Annual Growth Rate (CAGR) come to 9.8%.
Alternatively, Electronic Bill Presentment and Payment is also called e-billing as it has quite simply revolutionized the financial services and utility payments market. The ease and convenience of this method of paying the majority of your utility bills is the reason behind its easy popularity and fast adaptation by consumers. Everything that could possibly go wrong with physical and paper bill payment and management is sidelined when you maintain the EBPP.
Management of bills, whether it’s regarding the payment or keeping a record for any other purpose is made better with the online procedure. It reduces errors, streamlines the entire process to an automated version and makes it much easier for you to contribute to the bills and statements which would otherwise rely on just the service provider’s side for communication, if not for the internet.
With the focus on the global share of the Electronic Bill Presentment and Payment market, the report also highlights that the U.S. market alone holds a 27.18% share of the global market. The U.S. market currently rests at a total estimated 6 Billion in 2021, while China is set to reach 6.5 Billion in the year 2026. The report also does a clear show of mentioning that organizations that are more forward-thinking and easy to adapt to technological advancements in their operations. In addition to establishing high-tech infrastructure within their operations, companies that work on establishing eco-friendly options and good customer relationships will thrive as compared to those that don’t embrace these newer changes and continue to depend on older methods. Regarding Electronic Bill Presentment and Payment, specifically, the abstract also said, “Factors such as increased control, assured security, privacy and convenience have and will continue to drive growth of e-billing and payment systems.”