The global transaction value of digital bill payment and presentment will exceed $2 trillion by the end of this year, according to a new study.
This has increased from $1.9 trillion from 2020.
Digital bill payment and presentment are accessed and paid digitally, primarily through mobile banking apps.
The research predicts that, while digital bill payment is well established with traditional banks, digital-only banks will increasingly expand their presently limited offerings to mirror these capabilities, aiming to broaden their revenue streams.
“Success in digital bill payment and presentment is about ensuring the right connections to billers are in place,” said research co-author Damla Sat. “The rise of APIs raises new possibilities for rapidly expanding this ecosystem; making partnerships critical at this early stage.”
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