PROSPECTS AND OPPORTUNITIES
Banks to enhance mobile payment apps to encourage usage
During the forecast period, debit cards in the Philippines will play a pivotal role in advancing digital payments and fostering financial inclusion as banks continually enhance their digital platforms. For example, BDO (Banco de Oro) has rolled out BDO Pay, the nation’s first bank-backed mobile wallet.
Emergence of new players will lead to more competitive financial landscape
The Philippine financial sector has seen the emergence of new players, such as OwnBank, which made its debut in October 2023. Regulated by the Bangko Sentral ng Pilipinas (BSP) and insured by the Philippine Deposit Insurance Corporation (PDIC), OwnBank is positioned to contribute to the growing trend of digital banking.
New products will focus on luxury and sustainability
The Philippines is seeing the launch of debit card products that cater to affluent individuals seeking both luxury and financial security. A prime example is the RCBC Wealth Platinum Debit Mastercard, tailored for customers who value wealth management and a premium lifestyle.
Delivery:
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
This report comes in PDF with additional info in Excel included.
Overview:
Understand the latest market trends and future growth opportunities for the Debit Card Transactions industry in Philippines with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Debit Card Transactions industry in Philippines, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Debit Card Transactions in Philippines report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Debit Card Transactions in Philippines?
- What are the major trends key to understanding Debit Card Transactions in Philippines?
- How has COVID-19, recession and macroeconomic volatility impacted the market?
- How long will the market take to recover? What are the opportunities now?
- How will political context and shifting cultural values shape future growth?
- Where is future growth expected to be most dynamic?
Charge Cards in the Philippines - Category analysis
Charge Cards in the Philippines - Company Profile
Charge cards remains a niche category in the Philippines
Significant development is unlikely over the forecast period
Credit Cards in the Philippines - Category analysis
Credit Cards in the Philippines - Company Profile
KEY DATA FINDINGS
Convenience and travel aspirations boost credit card usage
BDO retains its status as largest credit card issuer
Emergence of new players drives demand
Growth of credit cards will be driven by Gen Z adoption and technological innovations
BSP to address credit card fraud while promoting financial literacy
Players will flex their sustainability credentials
Debit Cards in the Philippines - Category analysis
Debit Cards in the Philippines - Company Profile
KEY DATA FINDINGS
Growth in debit cards reflects shift towards cashless economy
Digital banks drive surge in number of users
Security remains a key issue in debit card usage
Banks to enhance mobile payment apps to encourage usage
Emergence of new players will lead to more competitive financial landscape
New products will focus on luxury and sustainability
Pre-Paid Cards in the Philippines - Category analysis
Pre-Paid Cards in the Philippines - Company Profile
KEY DATA FINDINGS
Open-loop cards outperform their closed-loop counterparts
GCash and Maya drive growth through development of pre-paid wallets
Traditional banks discontinue certain pre-paid cards in light of mobile wallet growth
Transition to open-loop cards offering greater convenience
New players have potential to disrupt the market
Surge in QR transactions signals potential shift away from pre-paid cards
Store Cards in the Philippines - Category analysis
Store Cards in the Philippines - Company Profile
Financial Cards and Payments in the Philippines - Industry Overview
Financial cards and payments in 2024: The big picture
2024 Key trends
Gen Z drives expansion of credit card market
GCash and Maya lead mobile wallet revolution
What next for financial cards and payments?
DISCLAIMER
The following categories and subcategories are included:
Debit Card Transactions
- Commercial Debit Card Transactions
- Personal Debit Card Transactions
Debit Card Transactions
Debit cards merge the functionality of both an ATM card and direct payment from a bank account (a check substitute in some markets). A debit card allows the cardholder to receive cash and monitor account activity at an ATM machine, as well as pay for goods and services via a point-of-sale terminal. A debit card payment transaction involves the automatic withdrawal of funds from the cardholder’s demand deposit bank account (checking or giro). Since the funds are removed from a bank account, no interest is charged on payments. Payments are tracked based on the country of residence / account issuance and include outbound spend while excluding inbound spend.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Debit Card Transactions research and analysis database.
NEW REPORT GUARANTEE
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!