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Description
The global electronic bill presentment and payment market size valued USD 17.9 billion in 2020 and expected to reach USD 30.8 billion by 2027, at a CAGR of 7.5% during the forecast period 2021-2027. Bills and invoices are prepared and presented electronically via electronic bill presentment and payment (EBPP). The Internet is used to provide invoicing and payment methods. A financial institution’s customer can use EBPP to transfer money to creditors or suppliers and pay bills via online services at the touch of a button on their smartphones, desktops, and tablets. Banks and other businesses provide their clients with a secure method of sending payments and protect them from data breaches by employing encryption and other technology. This market research report provides an in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global Electronic Bill Presentment and Payment (EBPP) market. The historic years considered for the study are 2016-2019, base year is 2020, estimated year is 2021, and forecast period is 2022-2026. With the rapid growth of the internet, the electronic bill presentation and payment options and solutions have sprung up. For cash transactions, various payment mechanisms such as internet banking, UPI, and mobile wallets have a lot of traffic on their servers. Market companies are establishing electronic payment platforms with encryption and other technologies to offer secure payment services in order to fulfil rising demand and simplify effective traffic handling.
