Bill Payment Online Industry is considered as a safer & more reliable mode of payment than traditional methods as they reduce the risk of theft and mitigate losses. Online payment solutions industry is anticipated to witness significant growth during the forecast period as it offers numerous benefits over traditional payment methods, for instance applicability, ease of use, security, reliability, trust, scalability, convertibility, interoperability, efficiency, anonymity, traceability, and authorization type. The demand for these solutions is projected to grow owing to increase in focus on omni-channel payment mode and rise in the number of customer-centric payment applications over the forecast period.
Based on mode of payment, Bill Payment Online Industry is segregated as bank cards, digital wallets, digital currencies, net banking, Point of Sales (POS), and others. The POS segment holds major share in global market owing to surge in benefits of high efficiency, increased accuracy and ease of use. A POS terminal readily accepts many transactions through EMV chip cards, contactless payment, and mobile wallets such as Android Pay, Samsung Pay, and Apple Pay. The POS terminals streamline the accounting process that makes it easy for merchants to keep the record of transactions.
Some of the major bill payment vendors in the market include Wirecard AG, Total System Services, Inc, Novetti Group Limited, ACI Worldwide Inc, PayPal Holdings Inc. and Adyen N.V. Mergers and acquisitions (M&A) as well as collaborations are some of the key strategies adopted by these key players to gain a competitive edge in the market. Players are consistently focusing on innovations to personalize or differentiate their solution to offer for potential customers. Players are also investing in research and development (R&D) activities for updating & innovating products or solutions.
Nowadays, many people who were earlier used to paying utility bills in cash may have shifted to the digital/online channels. Therefore, some of the key initiatives are undertaken by Indian government for setting up a devoted digidhan mission to collaborate with stakeholders for the promotion of online payments industry. Moreover, organization has also introduced various measures to increase the spread of online bill payments by setting targets for banks to process digital payment transactions, providing BHIM Aadhaar merchant initiative schemes and Bharat Interface for Money (BHIM) cashback schemes. Furthermore, some other prominent online payment products in the country are BHIM QR and Bharat QR, which has gained considerable traction in the Indian market, along with Bharat Bill Payment System (BBPS).
Bill Payment Industry Report: Bill payment industry is expected to scale new heights in the coming years due to a number of factors. The industry would be driven by rise in online shopping owing to worse prices relative to brick & mortar stores, introduction of new technologies, increase in eCommerce sales, rise in middle class population, increase in internet penetration, worldwide initiatives for the promotion of digital payments, surge in smartphone penetration and presence of large number of online retailers offering payment through debit or credit cards and net banking. It is projected that the bill payment online industry.
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Ankur Gupta, Head Marketing & Communications