Philippines Cards and Payments - Opportunities and Risks to 2024

Philippines Cards and Payments - Opportunities and Risks to 2024

  • April 2021 •
  • 77 pages •
  • Report ID: 6026621 •
  • Format: PDF
Philippines Cards and Payments - Opportunities and Risks to 2024

Summary
‘Philippines Cards and Payments - Opportunities and Risks to 2024’ report provides detailed analysis of market trends in the Filipino cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, mobile wallets, cards, and cheques during the review-period (2016-20e).

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 (2020e-24f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

The report brings together 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.

This report provides top-level market analysis, information and insights into the Filipino cards and payments industry, including -
- Current and forecast values for each market in the Filipino cards and payments industry, including debit, credit and charge cards.
- Detailed insights into payment instruments including cash, cards, mobile wallets, and cheques. It also, includes an overview of the country’s key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing the Filipino cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.

Scope
- In a bid to further 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 average annual rate of 42% previously. The law also capped the interest rate on credit card instalment plans at 1% per month. The law will provide a much-needed push for credit card market growth.
- To boost electronic payments, the central bank launched an instant payment service, InstaPay, under the National Retail Payment System (NRPS) framework in April 2018. The service is available 24/7, 365 days a year. Users can transfer funds up to PHP50,000 ($986.03) per transaction, instantly. The service can be used by individuals, businesses, and government agencies with savings, current, or e-money accounts with participating banks. The service can be accessed through mobile banking apps or internet banking services. As of February 2020, there were 52 participants in the InstaPay service. In addition, in November 2019, the central bank launched the national QR standard QR Ph, to achieve interoperability among mobile payment providers. Currently, the standard is limited to only person-to-person payments, with person-to-merchant payments launching soon. As of February 2021, there were 20 QR Ph participants in the country.
- A new trend in the Philippines is the entry of digital-only banks. Tonik, a neobank that launched its services in March 2021, while DigiBankASIA, a Singapore-based financial services company, is running a pilot to launch its digital-only bank UNObank in the Philippines. In a country with an over 60% unbanked population, the entry of digital-only banks will complement traditional banks in pushing card adoption and usage. Earlier, the central bank released guidelines on the establishment of digital banks, effective from December 23, 2020. The guidelines provide the basic framework for the establishment and operations of digital banks, including minimum capitalization requirements and shareholding patterns. In addition, the guidelines also provides the rules for existing banks looking to covert to digital.

Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Filipino cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Filipino cards and payments industry.
- Assess the competitive dynamics in the Filipino cards and payments industry.
- Gain insights into marketing strategies used for various card types in the Philippines.
- Gain insights into key regulations governing the Filipinos cards and payments industry.
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