Philippines Cards and Payments: Opportunities and Risks to 2028

The ‘Philippines Cards and Payments: Opportunities and Risks to 2028' report provides top-level market analysis, information and insights into the Filipino cards and payments industry, including :

• Current and forecast values for each market in the Filipino cards and payments industry, including debit, credit and charge cards.
• Detailed insights into payment instruments including cash, credit transfer, card, and cheques. It also, includes an overview of the country's key alternative payment instruments.
• Ecommerce market analysis.
• Analysis of various market drivers and regulations governing the Filipino 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 Filipino cards and payments industry.

The ‘Philippines Cards and Payments: Opportunities and Risks to 2028' report provides detailed analysis of market trends in the Filipino cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, credit transfer, card, and cheques during the review-period (2020-24e).

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 (2024e-24f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together the analyst’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

Key Highlights

• The government is taking steps to enhance financial inclusion and bolster economic resilience via targeted initiatives. In January 2022, the central bank introduced the National Strategy for Financial Inclusion 2022-2028, building upon the original 2015 strategy. This revised blueprint serves as a guide to promote inclusive growth and financial resilience. The strategy encompasses three primary objectives: fostering inclusive digital finance, strengthening financial education, and consumer protection.
• Contactless payments are gradually gaining popularity. In September 2022, the Department of Transportation and LANDBANK introduced the Automated Fare Collection System for the urban public transport systems of Central Luzon, Calabarzon, and Metro Cebu. This system allows commuters to make contactless payments using debit cards, credit cards, and mobile wallets. Similarly, in February 2024, Mastercard collaborated with UK-based payment company AF Payments to develop a contactless payment solution for the Metro Rail Transit system in the Philippines. While the solution has not been launched at the time of writing, once introduced it will enable travelers to purchase tickets using contactless Mastercard cards on the Metro Rail Transit Line 3 and buses.
• Buy now pay later (BNPL) solutions are gaining popularity in the country, especially among Generation Z. BillEase, Cashalo, and Atome are among the most well-known BNPL service providers in the country. In addition, online shopping platforms such as Lazada and Shopee provide BNPL payment options. In February 2023, Singapore-based payment company HitPay partnered with BNPL firm BillEase to offer installment payment options for HitPay users in the Philippines. Similarly, in January 2024, fintech company Razer collaborated with BillEase to provide installment payment options for its users.

Scope

• Card market size in terms of number of cards, value and volume of transactions in Philippines along with detailed card segmentation of debit, creditand charge cards available in the country.
• Market sizing and analysis of major payment instruments including card, cash, credit transfer, and cheques .
• Payment market trends and growth for both historical and forecast period
• Competitor analysis with detailed insights into leading card issuers and schemes.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• A detailed snapshot of country's key alternative payment brands.

Reasons to Buy

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