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
Table of Contents
1. Management Summary
2. Overview
- COVID-19’s Impact on Mobile Payment Services, December 2020
- Country’s Profile Compared to the Region’s and the World’s Average, March 2020
- Account Penetration, by Types of Account, incl. Accounts with Microfinance NGOs, Bank Accounts, and E-Money Accounts, in % of Adults, 2017 & 2019
- Value of Electronic Money Transactions, in PHP trillion, 2018 & 2019
- Mobile Phones Owners, Internet Users, and Financial Transactions performed via Mobile Phones and the Internet, in % of Respondents, 2019
- E-Money Usage Value, by Type of Usage, in PHP million, 2017-2020e & 2021f
- Breakdown of E-Commerce Payment Methods, incl. Bank Transfers, Cards, Cash, Digital Wallets, in % of Total Payments, March 2020
- E-Commerce Payments Value, in PHP billion, and Year-on-Year Change, in %, 2018-2023f
- Volume and Value Y-o-Y Growth in Real-Time Transactions, by Selected Counties, incl. Australia, India, and the Philippines, in %, September 2020
- COVID-19 Impact on Consumers’ Attitude towards Digital Payment Methods, in % of Internet Users, May 2020-August 2020
3. Competitors
- Profile of InstaPay and COVID-19’s Impact on its Activity, December 2020
- InstaPay Transaction Value, in PHP billion, and Transaction Volume, in millions, January 2020 & June 2020
- Profile of PESONet and COVID-19’s Impact on its Activity, December 2020
- PESONet Transaction Value, in PHP billion, and Transaction Volume, in millions, September 2019 & September 2020
- Profile of Coins PH and COVID-19’s Impact on its Activity, December 2020
- Profile of ING Pay, December 2020
4. GCash
- Profile of GCash in The Philippines, December 2020
- COVID-19’s Impact on GCash’s Activity, December 2020
- GCash Transaction Value, in PHP billion, July 2019 & July 2020
- GCash Monthly Desktop and Mobile Web Visits, in millions, and Month-on-Month Growth Rate, in % of Monthly Visits, May 2020-October 2020
5. PayMaya
- Profile of PayMaya in The Philippines, December 2020
- COVID-19’s Impact on PayMaya’s Activity, December 2020
- PayMaya‘s Yearly Gross Transaction Value, in PHP trillions, 2019 & 2020f
Samples
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Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Coins PH
- Globe Telecom Inc
- InstaPay
- PESONet
- PayMaya Philippines Inc.
Methodology
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