Financial cards and payments in 2024: The big picture
The number of financial cards in circulation in the Philippines is set to increase significantly in 2024, reflecting a broader trend toward cashless transactions, with electronic payments continuing to gain ground. This trend is driven not only by the increased availability and accessibility of financial cards but also by broader economic factors, such as the growing middle class, expanding digital infrastructure, and the continued rise of e-commerce.
2024 Key trends
The rise of digital banks and the continued enhancement of mobile apps by traditional banks are playing a key role in expanding financial inclusion in the Philippines. Through leveraging innovative technology and customer-focused services, digital banks are driving growth by seamlessly blending physical and digital elements, which has helped increase user adoption and market traction.
Gen Z drives expansion of credit card market
The credit card market in the Philippines continues to expand, driven primarily by Generation Z, who are seeking credit products to help achieve their financial goals. To tap into this demographic, RCBC (Rizal Commercial Banking Corporation), one of the largest private banks in the country, is focusing on promoting responsible credit use, offering tools like the RCBC Pulz app, which helps users manage their spending.
GCash and Maya lead mobile wallet revolution
GCash and Maya, two leading digital wallets in the Philippines, have gained significant popularity, due to their convenience and wide range of financial services. GCash, backed by Globe Telecom, is a comprehensive mobile wallet offering features like money transfers, bill payments, online shopping, and even investments.
What next for financial cards and payments?
The future of financial cards and payments in the Philippines is set for continuous evolution, driven by the rapid adoption of digital payments and mobile wallets. Debit cards are expected to see strong growth, spurred by both digital and traditional banks expanding their offerings and increasing access to banking services.
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Overview:
Understand the latest market trends and future growth opportunities for the Financial Cards and Payments 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 Financial Cards and Payments 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 Financial Cards and Payments 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 Financial Cards and Payments in Philippines?
- What are the major trends key to understanding Financial Cards and Payments 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?
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
Charge Cards in the Philippines - Category analysis
Charge cards remains a niche category in the Philippines
Significant development is unlikely over the forecast period
Credit Cards in the Philippines - Category analysis
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
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
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
2024 DEVELOPMENTS
The following categories and subcategories are included:
Financial Cards and Payments
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- ATM Cards
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- Commercial Charge Cards
- Personal Charge Cards
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- Commercial Credit Cards
- Personal Credit Cards
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- Commercial Debit Cards
- Personal Debit Cards
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- Closed Loop Pre-Paid Cards
- Open Loop Pre-Paid Cards
- Store Cards
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- ATM Transactions
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- Commercial Charge Card Transactions
- Personal Charge Card Transactions
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- Commercial Credit Card Transactions
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- Average Personal Credit Card Balance
- Average Personal Credit Card Limit
- Personal Credit Card Utilisation
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- Commercial Debit Card Transactions
- Personal Debit Card Transactions
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- Closed Loop Pre-Paid Card Transactions
- Open Loop Pre-Paid Card Transactions
- Store Card Transactions
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- Commercial Card Payment Transactions
- Commercial Electronic Direct/ACH Transactions
- Commercial Paper Payment Transactions
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- Personal Card Payment Transactions
- Personal Electronic Direct/ACH Transactions
- Personal Paper Payment Transactions
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- Commercial Electronic Direct/ACH Transactions
- Personal Electronic Direct/ACH Transactions
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- Commercial Cash Transactions
- Commercial Other Paper Transactions
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- Personal Cash Transactions
- Personal Other Paper Transactions
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- Mobile Proximity Payments
- Mobile Remote Payments
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Financial Cards and 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?
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This report originates from Passport, our Financial Cards and Payments research and analysis database.
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