Philippines Cards and Payments – Opportunities and Risks to 2027

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Philippines Cards and Payments Market Overview

The Philippines cards and payments market size was valued at $45.3 billion in 2023 and will achieve a CAGR of more than 7% during 2023-2027. Cash remains the most popular method of payment among consumers in the Philippines. This is mainly due to the high unbanked population, inadequate banking infrastructure, limited public awareness of electronic payments, and the low acceptance of payment cards at merchant outlets.

Philippines Cards and Payments Market Outlook, 2023-2027 ($ Billion)

Philippines Cards and Payments Market Outlook, 2023-2027 ($ Billion)

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The Philippines cards and payments market research report provides a detailed analysis of market trends in Philippines’s cards and payments industry. It provides values and volumes for several key performance indicators in the industry including cash, cards, credit transfers, direct debits, and cheques during the review-period. The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values, and volumes during the review period and over the forecast period. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

Market Size (2023) $45.3 billion
CAGR >7%
Forecast Period 2023-2027
Historical Period 2019-2022
Key Payment Instruments ·       Cash

·       Mobile Wallets

·       Credit Transfers

·       Cards

·       Cheques

Key Segments ·       Card-Based Payments

·       Ecommerce Payments

·       In-store Payments

·       Buy Now Pay Later

·       Mobile Payments

·       P2P Payments

·       Bill Payments

·       Alternative Payments

Leading Players ·       BDO

·       Landbank

·       BPI

·       Metrobank

·       UnionBank

·       Eastwest

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Philippines Cards and Payments Market Dynamics

The central bank in the Philippines started allowing banks to establish smaller bank branches called branch-lite units to enhance financial inclusion in 2018. These locations offer a range of financial products and services such as bank accounts and debit cards, with a focus on areas that are unbanked or underserved.

Government financial inclusion efforts such as remote rural banking and financial education programs will push banking and debit card penetration. The emergence of digital-only banks will also help boost debit card market growth. Furthermore, the prevalence of smartphones, widespread internet penetration, the availability of secure online payment systems, and the increasing number of online shoppers all supported the e-commerce growth in the Philippines.

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Philippines Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the Philippines cards and payments market are mobile wallets, cards, credit transfers, cash, direct debits, and cheques. In 2023, cash accounted for the largest market share followed by mobile wallets, and credit transfers. However, the gradual rise in the country’s banked population, the emergence of digital-only banks, and the increasing preference for electronic payments will support card payment growth going forward.

Philippines Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

Philippines Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

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Philippines Cards and Payments Market Segments

The key segments in the Philippines cards and payments market are card-based payments, e-commerce payments, and alternative payments among others

Card-based Payments: Government initiatives have supported payment card market growth. Although the payment system in the Philippines is cash-dominated, payment cards use is gradually increasing as consumers recognize the benefits of electronic payments. As part of the government’s financial inclusion efforts, micro-banking offices, electronic money issuers, microfinance providers, pawnshops, and remittance agents are being employed to provide access to financial services in unbanked and underserved areas.

Philippines Cards and Payment Market Analysis by Segments, 2023 (%)

Philippines Cards and Payment Market Analysis by Segments, 2023 (%)

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Philippines Cards and Payments Market - Competitive Landscape

Some of the leading players in the Philippines cards and payments market are BDO, Landbank, BPI, Metrobank, UnionBank, and Eastwest among others.

Segments Covered in the Report

Philippines Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)

  • Cash
  • Mobile Wallets
  • Credit Transfers
  • Cards
  • Cheques

Philippines Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)

  • Card-Based Payments
  • E-commerce Payments
  • Alternative Payments
  • Others

Scope

This report provides:

  • Top-level market analysis, information, and insights into Philippines’s cards and payments industry
  • Current and forecast values for each market in Philippines’s cards and payments industry, including debit, credit, and charge cards.
  • Detailed insights into payment instruments including cash, cards, credit transfers, direct debits and cheques. It also includes an overview of the country’s key alternative payment instruments.
  • E-commerce market analysis.
  • Analysis of various market drivers and regulations governing the Philippines’ cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • The competitive landscape of the Philippines’s cards and payments industry.

Reasons to Buy

  • Make strategic business decisions, using top-level historic and forecast market data, related to the Philippines cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the Philippines’ cards and payments industry.
  • Assess the competitive dynamics in the Philippines cards and payments industry.
  • Gain insights into marketing strategies used for various card types in the Philippines’.
  • Gain insights into key regulations governing the Philippines cards and payments industry.

BDO
Metrobank
BPI
EastWest Bank
UnionBank
RCBC
HSBC
Maybank
Citibank
BancNet
Mastercard
Visa
American Express
JCB
China UnionPay
Diners Club
Gcash
GrabPay
PayMaya
Coins.ph
PayPal
ShopeePay
Dragonpay
VYBE

Table of Contents

Executive Summary

Market Overview

Payment Instruments

Card-Based Payments

Ecommerce Payments

In-Store Payments

Buy Now Pay Later

Mobile Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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