Electronic Bill Presentment and Payment Market Size, Share, Growth Analysis, By Product(Biller-direct EBPP, and consolidated EBPP ), By Biller type(Phone bills, electricity bills, gas payment bills, and others ), By Channel(Mobile, websites, IVR, and others), By Region - Industry Forecast 2024-2031

Electronic Bill Presentment and Payment Market Drivers

Efficient and Faster Services to Boost Market Growth

• The increasing adoption of electronic bill payment solutions by many organizations to smoothly help the customers in managing their expenditures and optimize the management of the human resources for minimizing the operational costs & good profitability is, however, assumed to augment the growth of the EBPP market during the forecast period.

• The increasing use of smartphones with high internet access such as commonly used 4G services, and now 5G is a significant factor driving the EBPP market. The mobile internet access helps customers to access their destination at various payment sites. Moreover, it facilitates customers to do multiple tasks such as debit & credit card payments, online bank transfers, and fast access to the email accounts. 

Electronic Bill Presentment and Payment Market Restraints

Lack of Skilled Labour to Hinder Market Growth

• The application of the traditional payment process of bills coupled with the lack of cooperation by banks may hinder the market growth. Cheques and paper bills are being used by consumers in several developing countries as they mostly prefer to have hard copies of the bill payment receipts because of less trust in using third-party websites.