DUBLIN–(BUSINESS WIRE)–The “Philippines Prepaid Card and Digital Wallet Business and Investment Opportunities Databook – Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend – Q1 2024 Update” report has been added to ResearchAndMarkets.com’s offering.
Prepaid card market (value terms) in Philippines increased at a CAGR of 7.3% during 2019-2023. Over the forecast period of 2024 to 2028, the market is expected to record a CAGR of 10.3%, increasing from US$3.21 billion in 2023 to reach US$5.31 billion by 2028.
This report provides a detailed data centric analysis of prepaid payment instruments, covering spend through prepaid cards and digital wallets across retail and corporate consumer segments. In addition, it provides a snapshot of consumer behaviour and retail spend dynamics in Philippines. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.
The thriving fintech market has aided the growth of the prepaid card industry in the Philippines. These businesses are catering to the needs of underbanked and unbanked consumers, thus leading to higher adoption of prepaid payment instruments, including digital wallets and prepaid cards. In 2024, the publisher expects the adoption of these payment solutions to further increase in the Philippines.
The industry growth will also be driven by the trend of strategic collaborations in the sector in 2024. To simplify payments for travelers, at a time when travelers are returning to the Philippines, businesses are entering into strategic partnerships in the market. Government policy measures are also projected to play a pivotal role in the industry growth over the medium term. Overall, the publisher maintains a positive growth outlook for the Philippines prepaid card industry over the next three to four years.
Firms are entering into strategic partnerships to drive financial inclusion in the Philippines market
A significant chunk of the Filipino population has no access to digital payment services. Consequently, to tap into this consumer demographic, firms are entering into strategic alliances in the Philippines.
GCash, the Philippine-based super app, entered into a strategic collaboration with Visa in October 2023. The partnership is part of the strategy to reach the unbanked population and provide them with payment cards, thereby targeting financial inclusion in the Philippines. With the prepaid cards powered by Visa, consumers will be able to use the payment solution in more than 200 countries and territories.
From the short to medium-term perspective, the publisher expects more firms to enter into such strategic collaborations in the Philippines. This will drive the competitive landscape and market growth over the next three to four years.
Digital wallet providers are looking to ride on the booming tourism market in the Philippines
As global travelers return to the Philippines, digital wallet providers are seeking a growth opportunity in the segment over the medium term. Consequently, firms are entering into strategic collaborations in the Philippines.
Asia United Bank (AUB), in September 2023, entered into a strategic partnership with Alipay+. This will enable more local merchants to accept cross-border digital payments from South Korea, Hong Kong, and Malaysia. The collaboration will also drive the growth of AUB PayMate, the e-wallet service offered by AUB.
Tourists can use their home country’s digital wallets to make payments for various things like tourism, shopping, dining, entertainment, and attractions in the Philippines. This includes digital wallets like AlipayHK from Hong Kong, Kakao Pay from South Korea, and Touch ‘n Go eWallet from Malaysia, along with Alipay from Mainland China.
AUB PayMate has made it possible for more than 5,000 stores in Manila and Cebu, two highly visited places in the Philippines, to accept Alipay+. As the travel market continues to grow in the Philippines, it will also support the growth of prepaid card transactions over the medium term.
Digital wallet providers are evaluating the impact of fee waivers on micropayments in the Philippines
The Bangko Sentral ng Pilipinas, in 2023, advocated for eliminating fees on small-value transactions to encourage more people to use digital payments. This is part of the strategy to promote payment methods like e-wallets and card-based payments, while also targeting higher financial inclusion in the country. This move, however, is expected to have a revenue impact on digital wallet providers and banking institutions.
GCash and Maya, two of the leading digital wallet service providers, are evaluating the impact of fee waivers on micropayments. These providers charge a fee for various transactions starting from P5 each. The fee waiver will cover transactions like sending money to another e-wallet user, adding funds to an e-wallet account, withdrawing money from an e-wallet account, and transferring funds to a bank account, among other similar transactions.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 168 |
| Forecast Period | 2024 – 2028 |
| Estimated Market Value (USD) in 2024 | $4 Billion |
| Forecasted Market Value (USD) by 2028 | $5.76 Billion |
| Compound Annual Growth Rate | 9.5% |
| Regions Covered | Philippines |
Scope
Philippines Prepaid Payment Instrument Market Size and Forecast
Philippines Digital Wallet Market Size and Forecast
Philippines Digital Wallet Market Size and Forecast by Key Segments
Philippines Digital Wallet Spend by Key Retail Categories
Philippines Prepaid Card Industry Market Attractiveness
Market Share Analysis by Functional Attributes – Open Loop vs. Closed Loop
Philippines Open Loop Prepaid Card Future Growth Dynamics
Philippines Closed Loop Prepaid Card Future Growth Dynamics
Philippines Prepaid Card Market Share by Key Players
Philippines Prepaid Card Consumer Usage Trends
Philippines Prepaid Card Spend by Key Retail Categories
Philippines General Purpose Prepaid Card Market Size and Forecast
Philippines Gift Card Market Size and Forecast
Gift Card Market Size and Forecast by Functional Attribute
Gift Card Market Size and Forecast by Consumer Segments
Gift Card Market Share Analysis by Retail Categories
Gift Card Market Share Analysis by Gifting Occasion
Gift Card Market Share Analysis by Purchase Location
Philippines Entertainment and Gaming Prepaid Card Market Size and Forecast
Philippines Teen and Campus Prepaid Card Market Size and Forecast
Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute
Philippines Business and Administrative Expense Prepaid Card Market Size and Forecast
Business and Administrative Expense Prepaid Card Market Size and Forecast by Consumer Segments
Philippines Payroll Prepaid Card Market Size and Forecast
Payroll Prepaid Card Market Size and Forecast by Consumer Segments
Philippines Meal Prepaid Card Market Size and Forecast
Meal Prepaid Card Market Size and Forecast by Consumer Segments
Philippines Travel Forex Prepaid Card Market Size and Forecast
Travel Forex Prepaid Card Market Size and Forecast by Consumer Segments
Philippines Transit and Tolls Prepaid Card Market Size and Forecast
Philippines Healthcare and Wellness Prepaid Card Market Size and Forecast
Philippines Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
Philippines Fuel Prepaid Cards Market Size and Forecast
Philippines Utilities, and Other Prepaid Cards Market Size and Forecast
Philippines Virtual Prepaid Card Industry Market Attractiveness
Philippines Virtual Prepaid Card Market Size and Future Growth Dynamics by Key Categories
For more information about this report visit https://www.researchandmarkets.com/r/tyrgvv
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