$1B Opportunity In The Electronic Bill Presentment & Payment Market In 2004.Momentum is starting to build in the Internet-based electronic bill presentment and payment See EBPP. (EBPP (Electronic Bill Presentment and Payment) Sending invoices to customers over the Internet. When payment is due, an e-mail is sent with a link to a Web page that contains the billing information and the payment services that are supported. ) market. In 1999, worldwide revenues jumped 540 percent, landing at $32 million, but this is only a small stepping stone in comparison to how high this market will climb. IDC forecasts the market will escalate es·ca·late v. es·ca·lat·ed, es·ca·lat·ing, es·ca·lates v.tr. To increase, enlarge, or intensify: escalated the hostilities in the Persian Gulf. v.intr. at a 100 percent compound annual growth rate through 2004, bringing revenues over the $1 billion mark. Internet-based electronic bill presentment and payment is the process that enables bills to be created, delivered, and paid over the Internet. "Buying products over the Internet with a credit card has become a common occurrence, but viewing the credit card bill itself and submitting a payment to settle it electronically is still considered a novelty," says Albert Pang, research manager for IDC's eCommerce Software program. "However, this will change as electronic bill presentment and payment products become more sophisticated with the inclusion of features such as secure email delivery and as the technology becomes increasingly implemented in business-to-business ecommerce." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. IDC, the real opportunity in this market rests with transaction-based revenues, which will skyrocket sky·rock·et n. A firework that ascends high into the air where it explodes in a brilliant cascade of flares and starlike sparks. intr. & tr.v. from $700,000 in 1999 to $825 million in 2004. "Much of this growth is based on the potential use of electronic bill presentment and payment to replace the sheer number of paper bills circulated every year," Pang said. IDC estimates that in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. alone, 1.5 billion bills are sent to consumers each moth, reaching 18 billion transactions and generating nearly $6 billion in processing fees a year. However, only a portion of these transactions will be handled by electronic bill presentment and payment systems. "Consumers initially will be resistant to this technology," Pang said. "People tend to be overly cautious when it comes to embracing new ways to handle their personal finances. "This is a market that is still in its infancy infancy, stage of human development lasting from birth to approximately two years of age. The hallmarks of infancy are physical growth, motor development, vocal development, and cognitive and social development. , but it has the potential to blossom into a staggering opportunity," he added. |
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