Robust
development within the digital banking have made it imperious for banks to
rework their existing operations into an all channel approach, involving web, mobile,
or physical branch. Therefore, banks are now offering various sorts of digital
experiences like online banking, digital banking, internet banking. The Bill payments
have now evolved at a rapid pace with new providers, new platforms, and new
payment tools launched day to day. The consumer behaviour have evolved over an
expectation of Omni commerce emerges – that's the power to pay with an
equivalent method whether buying in-store, online or via a mobile device. This
shift precipitates a requirement for retailers to adapt toward fast, simple and
secure mobile payments. New entrants, especially from big tech, are aggressive
as payments are becoming increasingly effortless, new sorts of fraud have also
been threatening the data security and privacy. The demand for comfortable bill
payments offerings is making opportunities across different spaces.
The
growing E-Commerce & Technology-led Initiatives further augmenting market
Growth. The e-commerce company, are facilitating the bill payment services
between sellers and customers to enhance their operations and improve customer
engagement. Moreover, the adoption of Distributed Ledger Technology (DLT)
offers several benefits, such as scalable and decentralized business
continuity. For instance, Civic, a provider of the e-KYC platform, offers
secured digital identity at reduced cost. Similarly, cloud technology has also
driven the research and development in digital payment offerings.
As
per the bill payment
industry report
the increasing Adoption of payment contributing to the Growth of the Market include
adopting of non-cash payment methods that offers a simpler and convenient way
to transferring money across bank accounts. The lower-cost terminals and asset
modes such as QR code are expected to see prominent growth in the bill payment
industry over the coming years. The ever rising digital payment is attributed
over a rapid adoption of digital payment services. The bill payment is
naturally more inclined towards adoption of digitized services. The prevailing
online banking is most frequently used banking channels with more personalized,
flexible, and highly relevant consumer experience. Additionally, growing demand
for enhanced user experience is also one of the key factors driving business
growth.
The
increasing use of smart phones with high-speed internet access is the major
factor that drives the electronics bill payment. Mobile internet enables
on-the-go access to various payment portals and enables customers in carrying
out various transactions associated using of payments from debit card and credit
card, online bank transfer and accessing of the latest e-bills via e-mails
instantaneously. Enterprises also are promoting the utilization of mobile
devices to their employees with smart phones and tablets in leading to increase
in revenue by boosting employee productivity. The strong penetration of laptops
and notebooks, gaining trend of BYOD (Bring Your Own Devices) methods, growth
of mobile internet networks, and increase in internet enabled smart phones
drives supported EBPP market. The size and the potential impact of remittance witnessing
larger inflows in the developing countries are large. Remittances increase the
recipient country’s exchange reserves. Although capital flows tend to extend
during favourable economic cycles and decline in bad times, major remittance
channels in remittance tend to be counter cyclical relative to recipient countries.
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Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
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