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 (2021e-25f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
The report brings together the publisher'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.
The report provides top-level market analysis, information and insights into the Filipinos cards and payments industry, including:
- Current and forecast values for each market in the Filipinos cards and payments industry, including debit, credit and charge cards.
- Detailed insights into payment instruments including cash, cards, credit transfers, 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 Filipinos cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
- In a bid to promote credit card adoption, the government passed a new law on credit card interest rates in September 2020. The new law capped the interest rate on credit cards at 2% per month (or 24% annually) effective from November 3, 2020, compared to the previous average annual rate of 42%. The law also capped the interest rate on credit card installment plans at 1% per month. This initiative has helped boost credit card adoption and usage. As per the BSP, the number of monthly credit card applications increased by 175.1% in June 2021 to around 646,000 applications, up from 235,000 applications in June 2020.
- To boost electronic payments, the central bank launched the InstaPay instant payment service under the National Retail Payment System framework in April 2018. The service is available 24 hours a day, seven days a week, 365 days a year. In addition, in November 2019 the central bank launched the national QR code standard QR Ph to achieve interoperability among mobile payment providers. QR Ph (which was initially only available for P2P payments) was extended to merchant payments in October 2021. As of March 2022, 17 banks and electronic money issuers - including AllBank, Asia United Bank, Cebuana Lhuillier Rural Bank, China Banking Corporation, Land Bank of the Philippines (LANDBANK), Rizal Commercial Banking Corporation (RCBC), StarPay, Union Bank of the Philippines (UnionBank), USSC Money Services, and Maya - have enabled QR Ph merchant payments to their customers.
- A new trend in the Philippines is the entry of digital-only banks. Neobank Tonik launched its services in March 2021, offering bank accounts, virtual and physical Mastercard debit cards, and loans. Maya Bank (which secured its digital banking license in September 2021) commenced its operations in the country in April 2022. Other digital-only banks that have secured licenses from BSP and are gearing up to launch in 2022 include GOTyme, UnionDigital, and UNObank. In a country with a large unbanked population, the entry of digital-only banks will complement traditional banks in pushing banking and card penetration.
Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Filipinos cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Filipinos cards and payments industry.
- Assess the competitive dynamics in the Filipinos cards and payments industry.
- Gain insights into marketing strategies used for various card types in Philippines.
- Gain insights into key regulations governing the Filipinos cards and payments industry.
Table of Contents
- Market Overview
- Payment Instruments
- Card-Based Payments
- Ecommerce Payments
- In-Store Payments
- Buy Now Pay Later
- Mobile Payments
- P2P Payments
- Bill Payments
- Alternative Payments
- Payment Innovations
- Job Analysis
- Payment Infrastructure and Regulation
A selection of companies mentioned in this report includes:
- Banco de oro
- EastWest Bank
- American Express.