DUBLIN–(BUSINESS WIRE)–The “Philippines Buy Now Pay Later Business and Investment Opportunities Databook – 75+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics – Q1 2024 Update” report has been added to ResearchAndMarkets.com’s offering.
BNPL payments in the country are expected to grow by 16.4% on an annual basis to reach US$2.29 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 11.0% during 2024-2029. The BNPL gross merchandise value in the country will increase from US$1.97 billion in 2023 to reach US$3.87 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.
The expected growth in BNPL usage in 2024 will be likely influenced by an anticipated 84% growth in the e-commerce market in 2024. UnaCash attributes this growth to the rising popularity of mobile commerce, which involves making transactions using devices such as smartphones or tablets.
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.
The broadening presence of BNPL providers across the Philippines is, therefore, expected to support further BNPL penetration in the market. This will subsequently drive the growth of the industry over the next three to four years.
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.
Atome, notably, has a strong presence across Asia. The firm has disbursed more than US$4 billion in loans and has partnered with over 15,000 retailers in ten Asian markets. The plan to expand in the Philippines market is part of the firm’s strategy to drive the next growth phase over the medium term. With a significant portion of the population needing access to financial services, Atome is well-positioned to fill the financial gap in the Philippines. From the short to medium-term perspective, the publisher expects more global and regional BNPL firms to enter into strategic collaborations and expand in the Philippines market. This will drive the competitive landscape and industry growth over the next three to four years.
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.
Key Attributes:
Report Attribute | Details |
No. of Pages | 88 |
Forecast Period | 2024 – 2029 |
Estimated Market Value (USD) in 2024 | $2.3 Billion |
Forecasted Market Value (USD) by 2029 | $3.9 Billion |
Compound Annual Growth Rate | 11.0% |
Regions Covered | Philippines |
Scope
Philippines BNPL Market Size and Spending Pattern, 2020-2029
Philippines Buy Now Pay Later Revenue Analysis, 2020-2029
Philippines Buy Now Pay Later Operational KPIs & Statistics, 2020-2029
Philippines BNPL by Purpose, 2020-2029
Philippines BNPL by Business Model, 2020-2029
Philippines BNPL by Merchant Ecosystem, 2020-2029
Philippines BNPL by Distribution Model Analysis, 2020-2029
Philippines BNPL Analysis by Channel, 2020-2029
Philippines Buy Now Pay Later in Retail Shopping: Market Size and Forecast, 2020-2029
Philippines Buy Now Pay Later in Home Improvement: Market Size and Forecast, 2020-2029
Philippines Buy Now Pay Later in Travel: Market Size and Forecast, 2020-2029
Philippines Buy Now Pay Later in Media and Entertainment: Market Size and Forecast, 2020-2029
Philippines Buy Now Pay Later in Services: Market Size and Forecast, 2020-2029
Philippines Buy Now Pay Later in Automotive: Market Size and Forecast, 2020-2029
Philippines Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast, 2020-2029
Philippines Buy Now Pay Later in Others: Market Size and Forecast
Philippines Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
For more information about this report visit https://www.researchandmarkets.com/r/2wo97d
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Contacts
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
The US-based private capital software platform sets up base in Sydney as part of Investment…
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 14 November 2024 - Adding exotic currency…
MOSCOW, RUSSIA - Media OutReach Newswire - 14 November 2024 - SIBUR plans to offset…
SEOUL, SOUTH KOREA - Media OutReach Newswire - 14 November 2024 - St. George’s University…
SINGAPORE - Media OutReach Newswire - 14 November 2024 - In the rapidly evolving landscape…
BEIJING, CHINA - Media OutReach Newswire - 13 November 2024 - The first-ever Global Alliance…