Market Data Forecast’s "Philippines Cards And Payments Market" report offers a distinct range of possibilities in the market of payment cards along with the accurately validated statistics of operational cards in the market and their total transactional values. It suggests profitable marketing strategies considering the competitive landscape in the market, purchase trends, payment options in online trade and significant government frameworks impacting the overall payment cards market of the Philippines.
Our report kindles the hidden opportunities with dependable information about different types of cash transactions, volumes of cardholders, market proportion, current accounts, increase within the number of cards, credit cards outstanding balances, transactional values, details of the issuers at the side of available banking schemes and futuristic analysis of overall cards and payment marketplace in the Philippines.
The Bangko Sentral ng Philippines introduced a batch-based electronic credit transfer system called Philippine EFT System and Operations Network (PESONet), offering business-to-business (B2B), customer-to-business (C2B), government-to-government (G2G), and person-to-government (P2G) transactions in the country. It is the first automated clearing house in the Philippines under the National Retail Payment System (NRPS) without any electronic crediting fees.
As of November 2017, a total of 33 BSP-supervised financial institutions and other non-bank electronic money issuers had integrated with PESONet. Furthermore, BSP is working on the implementation of 24/7 low-value electronic fund transfer system InstaPay, which is due to launch in 2018.
The introduction of Philippine Credit Card Industry Regulation Law allocated powers to BSP to take care of credit card issuers and acquirers in the Philippines mandating customer identification and due diligence procedures before card issuance to control unfair practices and promote the credit card market.
The strict regulation to migrate to EMV chip cards from the conventional magnetic stripe by BSP to align with international payment card standards. Following this, BancNet signed an agreement with Visa in February 2015 to accelerate the migration to EMV chip cards for all domestic transactions. In addition to cards, the migration process ensures that ATMs and POS terminals are compliant with EMV standards.
Frequently Asked Questions
The most commonly used payment cards in the Philippines are credit cards, debit cards, and prepaid cards. They are widely issued by local and international banks and financial institutions.
Mobile payments, including QR codes and e-wallets like GCash and Maya, are rapidly growing. While they complement card usage, they also encourage a shift toward cashless transactions.
Convenience, widespread merchant acceptance, online shopping growth, and promotional offers such as cashback and discounts are major drivers of card usage in the Philippines.
Contactless cards are gaining traction due to their convenience and speed for small transactions. Many merchants now accept contactless payments, especially in urban areas.
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