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.
International
Remittance Market Research Report
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Ankur Gupta, Head Marketing & Communications
+91-9015378249
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