Dublin, May 17, 2024 (GLOBE NEWSWIRE) -- The "Revolutionizing Payments: The Surge of the Global EBPP Market" report has been added to ResearchAndMarkets.com's offering.
The Global Electronic Bill Presentment and Payment (EBPP) market is on a transformative journey, expected to soar from US$ 13.74 billion in 2023 to US$ 26.61 billion by 2030, achieving a CAGR of 10.15%. The market's growth is significantly propelled by the burgeoning adoption of contactless payment options and the rising convenience offered by online transactions. These factors are enhancing the customer payment experience, thereby driving the demand for EBPP solutions. However, challenges such as inadequate coordination between service providers pose restraints to the market's expansion.
Geographically, North America leads the EBPP market, holding more than 40% share in 2023 with revenues of US$ 5.7 billion. This dominance is attributed to the region's quick adoption of digital payment solutions and advanced banking infrastructure. Meanwhile, the Asia Pacific region is marked as the fastest-growing, with a CAGR of over 10%, driven by the increasing penetration of internet and mobile devices.
The competitive landscape is marked by the presence of key players such as ACI Worldwide Inc., Bottomline Technologies, Inc., and Fiserv, Inc., collectively accounting for around 55% of the market share. These companies are at the forefront of EBPP innovation, offering comprehensive solutions that cater to the evolving needs of businesses and consumers alike.
Market Segmentation
By EBPP Type:
- Biller-Direct EBPP
- Consolidated EBPP
The Biller-Direct EBPP segment dominates the market, accounting for over 63% of the share in 2023, reflecting the preference for direct biller platforms.
By Bill Type:
- Phone Bills
- Electric Bill Payment
- Gas Bill Payment
- Other Expenses (DTH, Entertainment etc.)
Phone bills are anticipated to surpass US$ 8.6 billion in revenue by 2028, showcasing the significant role of telecommunications in the EBPP landscape.
By Payment Channel:
- Mobile Apps and Wallets
- Websites
- Interactive Voice Response (IVR)
- Kiosk
- Others
Mobile apps and wallets present a substantial growth opportunity of over US$ 6.8 billion during 2023-2030, indicating the shift towards mobile-based payments.
By Industry:
- FMCG & F&B
- BFSI
- IT & Telecom
- Retail
- HoReCa & QSRs
- Healthcare
- Apparel and Footwear
- Media & Entertainment
- Manufacturing
- Education
- Others
The BFSI sector exhibits the fastest CAGR, over 10.78%, highlighting the financial industry's rapid digitalization.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 235 |
| Forecast Period | 2023-2030 |
| Estimated Market Value (USD) in 2023 | $13.74 Billion |
| Forecasted Market Value (USD) by 2030 | $26.61 Billion |
| Compound Annual Growth Rate | 10.1% |
Key takeaways:
- The EBPP market is poised for significant growth, doubling in size by 2030.
- The shift towards digital and contactless payments is a key driver of market expansion.
- North America maintains its lead, while the Asia Pacific region emerges as a fast-growing market.
- The BFSI and IT & Telecom sectors are pivotal in driving the adoption of EBPP solutions.
A selection of companies mentioned in this report includes, but is not limited to:
- ACI Worldwide Inc.
- Bottomline Technologies, Inc.
- Communications Data Group, Inc.
- CSG Systems International, Inc.
- CyberSource Corporation
- ebpSource Limited (UK)
- eBillingHub
- Enterprise jBilling Software Ltd.
- Fiserv, Inc.
- FIS
- Jack Henry & Associates, Inc.
- Jopari Solutions, Inc.
- MasterCard
- Pagero AB
- PayPal, Inc.
- SIX Payment Services Ltd.
- Sorriso Technologies, Inc.
- Striata
For more information about this report visit https://www.researchandmarkets.com/r/q4pdts
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