Despite towering expectations and a range of vendors to provide functionality, little progress has been made in market demand for electronic bill presentment and payment (EBPP), says a new report from Meridien Research.
The report, "Electronic Bill Presentment and Payment: Money Talks and the Postman Walks", reveals that consumers are not willing to pay for the ability to receive and pay bills online. In addition, many corporate banking officers see EBPP as a threat to their existing lockbox businesses.
Jeanne Capachin, senior analyst at Meridien Research, comments: "Unfortunately, despite repeated efforts to convince them otherwise, consumers have failed to embrace EBPP and thus far, have refused to pay the $5-10 per month that most institutions charge for this service. In addition, on the corporate banking side, many banks have significant investment in lockbox operations which they are trying to protect. They perceive EBPP has a threat to that investment."