Westford USA, Aug. 01, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest's latest global research of the Electronic Bill Presentment and Payment market, integration with digital wallets, personalized billing and payment experiences, enhanced security measures, real-time payment processing, artificial intelligence (AI) and chatbot assistance, integration with smart home devices, voice-activated bill payments, blockchain technology for secure transactions, integration with Internet of Things (IoT) devices are the trends that aid in the market's growth.
Browse in-depth TOC on "Electronic Bill Presentment and Payment Market"
- Pages - 242
- Tables - 91
- Figures - 76
Electronic bill presentment and payment (EBPP) is a system that allows businesses to send bills and invoices electronically to their customers. Customers can then view and pay their bills online, without having to mail them in or pay them over the phone. EBPP can help businesses save money on postage and processing fees, and it can also improve customer satisfaction.
Prominent Players in Electronic Bill Presentment and Payment Market
- ACI Worldwide
- Bill.com
- Fiserv
- Intuit
- Oracle
- PayPal
- Pegasystems
- Quadient
- Radian
- Sage
- Stripe
- TSYS
- Verifone
- Worldpay
- Xerox
- Cheval Systems
- Cyan Payments
- EMV Payments
- Finastra
- NICE
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Mobile Wallet Solutions Demand to Grow Substantially in the Forecast Period
Mobile wallet solutions type dominated the global market owing to the high use of smartphones for payments. As mobile usage continues to grow globally, mobile wallets have the potential to gain further dominance. Moreover, it provides convenience and flexibility, allowing users to pay easily through their mobile devices.
BFSI is the Leading Application Segment
In terms of application, the BFSI is the leading segment due to the high volume of billing and payment transactions. In addition, EBPP is crucial for streamlining processes and enhancing customer experience. With the increasing digitization of financial services and the shift towards online banking and mobile payments, the BFSI sector has a strong foothold.
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North America is the leading Market Due to the Digitization
Region-wise, North America is one of the largest growing markets with a huge emphasis on digital payments. The region's mature financial services industry, advanced technological infrastructure, and high smartphone penetration contribute to the widespread adoption of EBPP solutions. Consumers in North America, particularly in the United States, have shown a strong preference for digital payment methods over traditional payment options. This preference is fueled by convenience, speed, and security offered by digital payments. As a result, businesses and service providers in the region have increasingly adopted EBPP solutions to meet their customers' evolving demands and expectations.
A recent report thoroughly analyzes the major players operating within the Electronic Bill Presentment and Payment market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Electronic Bill Presentment and Payment.
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Key Developments in Electronic Bill Presentment and Payment Market
- In January 2023, Bill.com acquired Tipalti, a provider of cloud-based payment automation solutions. This acquisition gave Bill.com a stronger position in the market for cloud-based payment automation solutions.
Key Questions Answered in Electronic Bill Presentment and Payment Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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