San Jose, California (PRWEB) July 08, 2014
Follow us on LinkedIn – Proliferation of the internet economy over the decades have enabled the use of the internet for trade and commerce. The internet today is a global environment. Multilingualisation of the internet, launch of next generation communication networks, blistering pace of development of optical networking, carrier Ethernet, high-speed communication systems, next generation internet design, and migration to IPv6 from IPv4, have all helped multiply commercial activity on the internet. The internet today is widely used for selling goods and services, making payments, transferring funds, and collaborating with trading partners, and customers. Governments across the world have been focusing on developing the internet infrastructure given the impact wielded by the internet in the current digital age on economic/GDP growth, and social empowerment. The phenomenal evolutionary leap made by the internet has and will continue to have a far reaching impact on civil societies and businesses.
e-Payments worldwide are growing at an astounding rate, while cash payments in comparison are witnessing a parallel decline. Easy access to high speed internet ranks as the primarily factor driving the trend. Launch of new generation converged communication services including high speed data services, convergence of voice and data, and 3.5G and 4G mobile network deployments, represent factors driving rapid growth in broadband Internet penetration. The Internet’s continuously increasing speed, bandwidth, storage capacity, and on-demand computing power is driving the use of the internet for conducting financial transactions. Growing number of companies are migrating to online business models wherein customers are allowed to make their payments through credit cards and/or third-party services, such as PayPal. Consumers currently utilize the online payment mode to clear all kinds of bills including utility bills such as electricity bill, telephone bill, gas bills, water bills and other types of bill payments such as university fees, insurance bills, cable TV subscriptions, mortgage, rent, loan repayment, and credit card bills.
Mobile internet access also represents one of the prime drivers of growth in the market. With a direct and easy on-the go access to payment portals over a mobile browser, an increasing number of customers are leveraging the convenience of mobile internet to carry out transactions such as online bank transfer, debit card and credit card payment, and access latest e-bills through emails while on the move. Robust growth in mobile internet users across the globe, strong penetration of mobile internet networks, large installed base of laptops/notebooks and continued proliferation of internet enabled feature phones and smartphones are the primary factors that are helping spawn incredible growth in the electronic bill presentment and payment (EBPP) market.
Given that financial transactions are especially vulnerable to data-stealing malware that steals proprietary information including credit card numbers, passwords, and bank credentials from compromised PCs and networks, developments in cyber security are poised to benefit the market. With most e-billing platforms now engineered to leave an electronic audit trail, customer confidence is receiving a major boost. Concerns over the security of internet transactions and lack of confidence in secure processing of payment, which until now were major bottlenecks, are now gradually easing. As stated by the new market research report on Electronic Bill Presentment and Payment (EBPP), the United States represents the largest market worldwide. Europe ranks as the fastest growing market with a CAGR of 13.4% over the analysis period.
Major players covered in the report include ACI Worldwide, Billentis, Communications Data Group, CSG Systems International Inc., Discover Financial Services, ebpSource Limited, eBillingHub, Enterprise jBilling Software Ltd., Fiserv Inc., FIS, IDI Billing Solutions, Jack Henry & Associates, Monitise Group Limited, MasterCard, Pagero AB, PayPal Inc., RDM Corporation, Sorriso Technologies Inc., SIX Payment Services Ltd., and Visa, Inc.
The research report titled “Electronic Bill Presentment and Payment (EBPP): A Global Strategic Business Report”, announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections for the number of business-to-consumer (B2C) electronic bills generated across all major geographic markets including the United States, Canada, Europe and Rest of World.
For more details about this comprehensive market research report, please visit: http://www.strategyr.com/Electronic_Bill_Presentment_and_Payment_EBPP_Market_Report.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
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