Philippines Cards And Payments Market Insights, Trends, Share, Drivers and Opportunities

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Philippines Cards And Payments Market – By Cards, By Payment Terminals, By Payment Instruments – Transaction Value, Volumes, Historical Trends, Analysis And Forecasts (2018-2023)

The Philippines cards and payments industry is expected to register a CAGR of 6% over the forecast period. Given its steady growth rate and stable macroeconomic fundamentals, the card payments channel offers banking and non-banking financial institutions significant opportunities.

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Growing demand for prepaid cards

Over the forecast period, the prepaid cards category is expected to record the highest growth at a CAGR of 17% due to increased adoption by the government and corporate companies. The debit card volume is projected to register nominal growth over the forecast period at a CAGR of 3%. The credit card categories are expected to record CAGRs of 2.5% over the forecast period.

The key drivers for prepaid cards are travel, remittances, government welfare schemes, and online purchases. The government adopted prepaid cards to distribute social benefits and prepaid travel cards present another key growth area in line with a steady increase in outbound leisure vacations and business trips.

Consumer behavior-based product offerings

Targeted card product offerings are becoming increasingly popular. There is an increased focus on targeting niche categories such as cards for the young population, high net worth individuals (HNWIs), and specialized professionals such as teachers, doctors, and bankers. For instance, Metrobank offers the Femme Visa credit card exclusively for female customers with special discounts on unique purchases such as personal care products and accessories. This trend is expected to intensify over the forecast period as card issuers focus on developing customized products based on spending behavior and consumer attitude.

Demand for remittance cards with an increase in migration

There are currently over 10 million Filipinos in other countries across the world, of which 50% are permanent migrants. Remittances drive transaction value and volume in the debit and prepaid card categories. The country’s central bank, the Bangko Sentral ng Pilipinas (BSP), is focusing on implementing regulations to improve transparency for remittance products.

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Interconnectivity is driving transaction volumes

The number of card transactions was positively impacted by the interconnectivity of domestic ATM and POS terminal network operators such as MagaLink, BancNet, and Expressnet. Interconnectivity drove card transaction growth at a CAGR of 10%. Transaction volume at ATM terminals grew at a slower pace compared to transactions at POS terminals, at a review-period CAGR of 7%, representing the shift from cash to cashless payments.

Some of the Dominating players in the Philippines Cards and Payments Market:

  • Land Bank of the Philippines
  • Banco de Oro
  • BPI
  • Metrobank
  • Rizal Commercial Banking Corporation
  • Citibank
  • EastWest Bank
  • BancNet
  • Megalink

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