Top Mobile Payment Service Providers in the Philippines 2020 and their Reaction to the COVID-19 Crisis

The Spread of Covid-19 Brings Growth in Mobile Payments in the Philippines

During the pandemic, the developing online payment market of the Philippines boosts usage figures

The retail market in the Philippines is still heavily dominated by traditional payment methods such as cash, but digital wallets are gaining popularity during the pandemic. Meanwhile, bank account penetration rises at a much slower pace, compared to the E-Wallets, as reported in the publication. Hence, to meet the needs of the consumers in the country, the Government of the Philippines introduced InstaPay and PESONet, electronic funds transfer services, that have been flourishing on the market especially during the health crisis.

More consumers in the Philippines have started making payments via the top E-Wallets amid the COVID-19 health crisis

Other interesting facts highlighted in the report include the number of users registered with the top mobile payment service providers in the Philippines: GCash, PayMaya, and the blockchain-based Coins PH. GCash, the most popular digital wallet in the country, has managed to increase its user base by 30% over the past 10 months. Coins PH doubled its subscriber numbers during the COVID-19 outbreak. Overall, about nine-tenths of internet users in the Philippines noticed a rise in the use of online payment platforms, while over a quarter opened a new account in the past several months, as detailed in the report.

Report Coverage

• This report covers the Philippines’s payment market with a focus on the reaction of the top mobile payment service providers to the COVID-19 outbreak. It includes information related to payment methods used, transaction volumes, payment trends and recent COVID-19 related news of the top Mobile PSPs in the Philippines.
• The report focuses on the strategies adopted by Filipino Mobile PSP’s during the COVID-19 pandemic. Information related to both remote and in-store payments is provided.  
• The data in the report is mostly published within the previous 12 months. The exact date of publication of the source is stated on each chart. The time period which the data refers to differs by source.

Report Structure

• The overview chapter opens the report, featuring a summary of the payment market in the Philippines. The latest trends and developments are summarized on the text charts and data highlights are provided on quantitative charts.
• The rest of the report is divided by the top four mobile PSP’s presented in the descending order of their market share of payment apps. Within each chapter, there is a company profile, text charts with relevant news and quantitative charts.
• Depending on data availability, the following types of market information are included: value and/or volume of transactions, number of users, payment methods used in-store and online, COVID-19’s impact on the PSPs.
• Not all the mentioned types of information are provided for each of the covered Payment Service Providers due to varying data availability.

Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report