Electronic
Bill Presentment and Payment (EBPP) is a process of electronically
delivering the bills to the individuals and receiving the bill
payment via the internet or through an electronic network. For
instance, a customer receives the telephone bill via an e-mail. This
e-mail also has a hyperlink mentioned by the service provider for the
payment options. After reviewing the entire bill, the customer clicks
on the hyperlink, selects the mode of payment and initiates the
transfer of funds. The electronic bills delivery and receipt of
payments can also be conducted via two separate networks. For
example, in business to consumer transactions such as payment of
utilities, the bills are received at the site in the form of paper
and payment is done using debit or credit cards.
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Implementing
the system of EBPP by business establishments automates, streamlines
and manages processes that involve payments. The benefits of
implementing EBPP technology is that it reduces the time and costs
associated with processing by eliminating the need to print and post
paper mails, optimize working capital, improves marketing
capabilities and be ahead in the competitive environment. Also, the
customer service costs tend to drop due to lesser errors in
electronic transactions than in paper transactions. Further, EBPP
technology enables settling of disputes electronically by presenting
interactive bills and eliminating lengthy telephone conversations.
The
increasing use of smart phones with high-speed internet access is the
major factor that drives the EBPP market. Mobile internet enables
on-the-go access to various payment portals and enables customers to
carry out various transactions such as payments using debit card and
credit card, online bank transfer and access latest e-bills via
e-mails instantaneously. Enterprises are also promoting the use of
mobile devices by providing their employees with smart phones and
tablets so that they can increase their revenue by boosting employee
productivity. The strong penetration of laptops and notebooks,
gaining trend of BYOD (Bring Your Own Devices), growth of mobile
internet networks and increase in internet enabled smart phones
drives the EBPP market.
One
of the major factors that is contributing to the growth of EBPP
market is the stiff competition among the vendors that enables
launching of converged communication services such as 4G mobile
network deployments leading to rapid growth in broadband internet
systems. The continuously increasing speed, storage capacity,
bandwidth and on-demand computing power of internet is driving the
business establishments to migrate to online business models wherein
payments are done through credit cards and third party services such
as PayPal. However, the presence of coordination problems in the EBPP
systems is adversely affecting the growth of this market.
Implementation
of EBPP systems involves certain amount of initial costs for the
billers and customers. In such a case, if customers refuse to use the
EBPP system, the billers may not be able to recover their initial
costs. Also, billers need to be confident that they are able to
eliminate the paper-based system by convincing their customers to
switch to the new technology. Moreover, due to difficulties in
predicting the adoption rates; there is no accurate way to estimate
the return on investment. Further, the billers are reluctant to
invest on the time needed to train their customers/staff with such a
technology thereby delaying its adoption. Another challenge is the
possibility that a mobile device could be stolen or lost. In such
cases, there are chances of unauthorized usage of the device leading
to frauds and thefts. For the same reason, demand for customized
solutions is expected to see rise during the forecast period. The
electronic billing platforms are customized to leave an electronic
audit trail for securing the internet transactions thereby giving
customer’s confidence a major boost.
The
EBPP market can be segmented on the basis of the end-user industries
such as banking and financial services, insurance, health care,
telecommunication, retail, education, media, manufacturing and
government. The retail segment majorly contributes to the EBPP market
due to the growing number of customers opting for online shopping and
payments.
Some
of the major players in the market include ACI Worldwide, Inc., CSG
Systems International, Inc and Monitise Group Limited, among others.
Some of these vendors are consistently acquiring companies to enhance
the quality of their services. For instance, Mastercard Incorporated,
on Sep 6, 2012, acquired Truaxis, Inc. with a view to enhance the
quality of personalized shopping offers and the rewarding system to
customers.
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