According to the publisher, BNPL payments are expected to grow by 18.0% on an annual basis to reach US$ 2.80 billion in 2024.
The medium to long-term growth story of the BNPL industry in the country remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 11.9% during 2024-2029. The BNPL gross merchandise value in the country will increase from US$ 2.37 billion in 2023 to reach US$ 4.91 billion by 2029.
The buy now pay later market is poised to grow at an accelerated pace over the medium term in the Philippines. The availability of the payment method at point-of-sale, coupled with the fast-growing e-commerce market, will drive the BNPL industry growth in 2024. To tap into the growth potential, providers are expanding their footprint in the country and the trend is projected to further continue over the medium term. This will drive innovation and a competitive landscape in the Philippines BNPL market. Overall, the publisher maintains a positive growth outlook for the sector in the Philippines from the short to medium-term perspective.
The BNPL payment industry in Philippines has recorded strong growth over the last four quarters, supported by increased e-commerce penetration.
This report provides a detailed data-centric analysis of the Buy Now Pay Later (BNPL) industry, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at the country level, this report provides a comprehensive understanding of BNPL market dynamics, market size and forecast, and market share statistics.
It breaks down market opportunities by type of business model, sales channels (offline and online), and distribution models. In addition, it provides a snapshot of consumer behaviour and retail spending dynamics. KPIs in both value and volume terms help in getting an in-depth understanding of end market dynamics.
The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.
The medium to long-term growth story of the BNPL industry in the country remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 11.9% during 2024-2029. The BNPL gross merchandise value in the country will increase from US$ 2.37 billion in 2023 to reach US$ 4.91 billion by 2029.
The buy now pay later market is poised to grow at an accelerated pace over the medium term in the Philippines. The availability of the payment method at point-of-sale, coupled with the fast-growing e-commerce market, will drive the BNPL industry growth in 2024. To tap into the growth potential, providers are expanding their footprint in the country and the trend is projected to further continue over the medium term. This will drive innovation and a competitive landscape in the Philippines BNPL market. Overall, the publisher maintains a positive growth outlook for the sector in the Philippines from the short to medium-term perspective.
Rising adoption of flexible payment solutions at checkout and point of sale to drive BNPL sales in the Philippines
Higher inflation has resulted in a significant uptake of buy now pay later schemes among Filipinos over the last 12 months. The uptake is projected to increase further over the medium term, however, other factors such as the fast-growing e-commerce market, are projected to aid the industry growth over the medium term.- According to a report from UnaCash, one of the leading Filipino BNPL providers, 15% of all online transactions are completed using the payment solution. The report also revealed that the anticipated increase in the total value of items purchased through BNPL options in 2024 is expected to outpace the 154% growth estimated in 2023, but is projected to be slightly less than the 178% surge observed in 2021.
BNPL providers are expanding their footprint amid the fast-growing e-commerce sector in the Philippines
To benefit from the rising demand for buy now pay later schemes and the growing m-commerce market, providers are expanding their footprint in the Philippines market. This trend is projected to continue further in 2024.- UnaCash, in 2023, onboarded various merchant partners across industry verticals. This includes appliances, gadgets, and general merchandise. Going forward, in 2024, the firm is planning to further boost its presence to accelerate business growth in the Philippines. The firm is forecasting an over 200% increase in its existing merchant partners. UnaCash is also opening new branches to have a bigger slice of the growing market. The firm, for instance, ended December 2023 with 128 branches. This is 300% higher compared to July 2022.
Regional providers are forging strategic partnerships to expand in the Philippines buy now pay later market
With the projected growth at an accelerated rate over the next three to four years, regional providers are entering into strategic partnerships with financial services firms to expand in the Philippines market.- Atome Financial, in August 2023, revealed that it is renewing a US$100 million debt facility in partnership with HSBC Singapore. This move is aimed at growing its presence in the Philippine market. The collaboration not only supports Atome's expansion efforts but also takes advantage of HSBC Singapore's worldwide network, regional presence, and banking knowledge to enhance Atome's influence and outreach in the Philippine market.
The BNPL payment industry in Philippines has recorded strong growth over the last four quarters, supported by increased e-commerce penetration.
This report provides a detailed data-centric analysis of the Buy Now Pay Later (BNPL) industry, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at the country level, this report provides a comprehensive understanding of BNPL market dynamics, market size and forecast, and market share statistics.
It breaks down market opportunities by type of business model, sales channels (offline and online), and distribution models. In addition, it provides a snapshot of consumer behaviour and retail spending dynamics. KPIs in both value and volume terms help in getting an in-depth understanding of end market dynamics.
The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.
Scope
This report provides in-depth, data-centric analysis of Buy Now Pay Later industry in Philippines through 55 tables and 71 charts. Below is a summary of key market segments:Philippines BNPL Market Size and Spending Pattern, 2020-2029
- Gross Merchandise Value Trend Analysis
- Average Value Per Transaction Trend Analysis
- Transaction Volume Trend Analysis
Philippines Buy Now Pay Later Revenue Analysis, 2020-2029
- Buy Now Pay Later Revenues
- Buy Now Pay Later Share by Revenue Segments
- Buy Now Pay Later Revenue by Merchant Commission
- Buy Now Pay Later Revenue by Missed Payment Fee Revenue
- Buy Now Pay Later Revenue by Pay Now & Other Income
Philippines Buy Now Pay Later Operational KPIs & Statistics, 2020-2029
- Buy Now Pay Later Active Consumer Base
- Buy Now Pay Later Bad Debt
Philippines BNPL by Purpose, 2020-2029
- Convenience - Short Term Loans
- Credit - Long Term Loans
Philippines BNPL by Business Model, 2020-2029
- Two-Party (BNPL offered by retailers)
- Three-Party BNPL Offering
Philippines BNPL by Merchant Ecosystem, 2020-2029
- Open Loop System
- Closed Loop System
Philippines BNPL by Distribution Model Analysis, 2020-2029
- Standalone
- Banks & Payment Service Providers
- Marketplaces
Philippines Buy Now Pay Later Market Share Analysis by Key Players
Philippines BNPL Analysis by Channel, 2020-2029
- Online Channel
- POS Channel
Philippines Buy Now Pay Later in Retail Shopping: Market Size and Forecast, 2020-2029
- Gross Merchandise Value Trend Analysis
- Average Value Per Transaction Trend Analysis
- Transaction Volume Trend Analysis
Philippines Buy Now Pay Later in Home Improvement: Market Size and Forecast, 2020-2029
- Gross Merchandise Value Trend Analysis
- Average Value Per Transaction Trend Analysis
- Transaction Volume Trend Analysis
Philippines Buy Now Pay Later in Travel: Market Size and Forecast, 2020-2029
- Gross Merchandise Value Trend Analysis
- Average Value per Transaction Trend Analysis
- Transaction Volume Trend Analysis
Philippines Buy Now Pay Later in Media and Entertainment: Market Size and Forecast, 2020-2029
- Gross Merchandise Value Trend Analysis
- Average Value per Transaction Trend Analysis
- Transaction Volume Trend Analysis
Philippines Buy Now Pay Later in Services: Market Size and Forecast, 2020-2029
- Gross Merchandise Value Trend Analysis
- Average Value Per Transaction Trend Analysis
- Transaction Volume Trend Analysis
Philippines Buy Now Pay Later in Automotive: Market Size and Forecast, 2020-2029
- Gross Merchandise Value Trend Analysis
- Average Value Per Transaction Trend Analysis
- Transaction Volume Trend Analysis
Philippines Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast, 2020-2029
- Gross Merchandise Value Trend Analysis
- Average Value Per Transaction Trend Analysis
- Transaction Volume Trend Analysis
Philippines Buy Now Pay Later in Others: Market Size and Forecast
- Gross Merchandise Value Trend Analysis
- Average Value Per Transaction Trend Analysis
- Transaction Volume Trend Analysis
Philippines Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
- Sales Uplift by Product Category
- Share by Age Group
- Share by Income
- Share by Gender
- Adoption Rationale
- Average Monthly Expense segments
Reasons to buy
- Get a comprehensive understanding of market dynamics for Buy Now Pay Later: Identify market opportunities, major trends, and forecasting (2020-2029). Understand market trends through crucial KPIs like Gross Merchandise Value, Volume, and Average Value per Transaction, to stay ahead of the curve.
- Insights by end-use sectors: Evaluate new opportunities across multiple end-use sectors, and obtain market dynamics by end-use sectors in order to swiftly catch up with the latest and upcoming developments in BNPL markets.
- Market-specific strategies: Identify growth segments focused on specific opportunities, and analysing market-specific risks and important trends in the BNPL sector with our exclusive blend of quantitative forecasting and innovative insights.
- Gain knowledge of consumer attitudes and actions: This report identifies and interprets important Buy Now Pay Later KPIs, such as spend by age, gender, and income level, using data from a proprietary survey.
- Develop proactive and lucrative business strategies through market intelligence and forward-looking analysis of BNPL market spend and major opportunities in Philippines.
Table of Contents
1 About this Report
2 Philippines Buy Now Pay Later Industry Attractiveness
3 Philippines Buy Now Pay Later Operational KPIs
4 Buy Now Pay Later Spend Analysis by Business Model, 2020-2029
5 Buy Now Pay Later Spend Analysis by Purpose, 2020-2029
6 Buy Now Pay Later Spend Analysis by Functional Attribute, 2020-2029
7 Buy Now Pay Later Spend Analysis by Distribution Model, 2020-2029
8 Philippines Buy Now Pay Later Spend Analysis by Sales Channel
9 Philippines Buy Now Pay Later Snapshot by End-Use Sector, 2020-2029
10 Philippines Buy Now Pay Later in Retail Shopping: Market Size and Forecast, 2020-2029
11 Philippines Buy Now Pay Later Market Size and Forecast by Retail Product Categories
12 Philippines Buy Now Pay Later in Home Improvement: Market Size and Forecast, 2020-2029
13 Philippines Buy Now Pay Later in Travel: Market Size and Forecast, 2020-2029
14 Philippines Buy Now Pay Later in Media and Entertainment: Market Size and Forecast, 2020-2029
15 Philippines Buy Now Pay Later in Service: Market Size and Forecast, 2020-2029
16 Philippines Buy Now Pay Later in Automotive: Market Size and Forecast, 2020-2029
17 Philippines Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast, 2020-2029
18 Philippines Buy Now Pay Later in Others: Market Size and Forecast, 2020-2029
19 Philippines Buy Now Pay Later Analysis by Consumer Attitude and Behaviour, 2020-2029
20 Further Reading
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 88 |
Published | February 2024 |
Forecast Period | 2024 - 2029 |
Estimated Market Value ( USD | $ 2.8 Billion |
Forecasted Market Value ( USD | $ 4.9 Billion |
Compound Annual Growth Rate | 11.9% |
Regions Covered | Philippines |
No. of Companies Mentioned | 8 |