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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Philippines Money Transfer and Bill Payments Market Outlook to 2023 – By Domestic Remittance Banking and Non Banking (Pawnshops, MTO) Channels, International Remittance Flow Corridors and Channel; Bill Payment Segment
Ankur Gupta, Head Marketing & Communications