The Cards and Payments Industry in the Philippines: Emerging Trends and Opportunities to 2021
GlobalData's 'The Cards and Payments Industry in the Philippines: Emerging Trends and Opportunities to 2021' 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 transactions, checks and payment cards. It also, includes an overview of the country's key alternative payment instruments.
- E-commerce market analysis and payment methods.
- 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.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape in the Filipino cards and payments industry.
- This report provides a comprehensive analysis of the Filipino cards and payments industry.
- It provides current values for the Filipino cards and payments industry for 2016, and forecast figures to 2021.
- It details the different demographic, economic, infrastructural and business drivers affecting the Filipino cards and payments industry.
- It outlines the current regulatory framework in the industry.
- It details marketing strategies used by various banks and other institutions.
GlobalData's 'The Cards and Payments Industry in the Philippines: Emerging Trends and Opportunities to 2021' 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 check payments, payment cards and cash transactions during the review period (2012-2016).
The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, and transaction values and volumes during the review period and over the forecast period (2017-2021). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.
The report brings together GlobalData's research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.
- 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 Filipino cards and payments industry.
- The central bank, in November 2014 made it mandatory for banks to shift from the traditional magnetic stripe to more secure Europay, MasterCard, and Visa (EMV) chip cards by January 2017. Following the announcement, 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. The increasing adoption of security measures is expected to encourage consumers to carry out more card-based transactions.
- The Filipino government in June 2016 approved a new bill aimed at regulating the credit card market by bringing it under the regulatory control of the central bank. The proposal will be enacted into law once it receives approval from the President. It will empower the central bank to supervise all credit card issuers and acquirers operating in the country. It also mandates credit card issuers to reveal the number of potential and current cardholders and list all fees charged for late payments. Violation of this regulation attracts a fine of US$1,060.2-4,240.9 (PHP50,000-200,000) or imprisonment of two-to-10 years, or both, as determined by the central bank's monetary board.
- Due to growing credit card debt, the central government and Credit Card Association of the Philippines launched an Interbank Debt Relief Program in June 2016. The program was developed to help those in debt by offering affordable repayment plans, lower interest rates and reducing the equal monthly amortization, thereby preventing further deferral of payments. For individuals in deep debt, the repayment period can be extended by up to 10 years, with monthly interest rates at 1.5% or lower. In March 2016, six new credit bureaus were given permission to begin operating in 2017. Of the six, five are foreign companies - Compuscan (South Africa), Dun and Bradstreet (US), Crif (Italy), TransUnion (US) and Credit Bureau Singapore.
1 DEFINITIONS AND METHODOLOGY
2 KEY FACTS AND HIGHLIGHTS
3 EXECUTIVE SUMMARY
4 PAYMENT INSTRUMENTS
4.1 Current Payment Environment
5 E-COMMERCE AND ALTERNATIVE PAYMENTS
5.1 E-Commerce Market Analysis
5.2 Alternative Payment Solutions
5.2.3 Straight2Bank wallet
5.2.5 Smart Money
6 REGULATIONS IN THE CARDS AND PAYMENTS INDUSTRY
6.1 Regulatory Framework
6.2 Anti-Money Laundering (AML)
6.3 Foreign Direct Investment (FDI) Regulations
7 ANALYSIS OF CARDS AND PAYMENTS INDUSTRY DRIVERS
8 PAYMENT CARDS
9 DEBIT CARDS
9.1 Debit Cards Market Analysis
9.2 Competition in Debit Cards Market
9.3 Debit Cards Comparison
10 PAY LATER CARDS
10.1 Pay Later Cards Market Analysis
10.2 Competition in Pay Later Cards Market
10.3 Pay Later Cards Comparison
11 PREPAID CARDS
12.2 Contact GlobalData
12.3 About GlobalData
12.4 GlobalData's Services
Figure 1: Philippines - Payment Instrument Shares by Transaction Value (%), 2012 vs. 2016
Figure 2: Philippines - Payment Instrument Shares by Transaction Volume (%), 2012 vs. 2016
Figure 3: Philippines - E-Commerce Value, 2012-2021
Figure 4: Philippines - E-Commerce Payment Methods, 2016
Figure 5: Philippines - Population
Figure 6: Philippines - Economic Indicators
Figure 7: Philippines - ATMs and POS Terminals
Figure 8: Philippines - Household Consumption
Figure 9: Philippines - Growth in Payment Cards Transaction Values, 2012-2016
Figure 10: Philippines - Number of Cards in Circulation by Type, 2012-2016
Figure 11: Philippines - Debit Card Penetration, 2016
Figure 12: Philippines - Turnover Per Debit Card, 2016
Figure 13: Philippines - Debit Cards Scheme Share in Terms of Transaction Value, 2016
Figure 14: Philippines - Debit Cards Issuer Share in Terms of Transaction Value, 2016
Figure 15: Philippines - Pay Later Cards Penetration, 2016
Figure 16: Philippines - Turnover Per Pay Later Card, 2016
Figure 17: Philippines - Pay Later Cards Scheme Share in Terms of Transaction Value, 2016
Figure 18: Philippines - Pay Later Cards Issuer Share in Terms of Transaction Value, 2016
Figure 19: Philippines - Number of Prepaid Cards in Circulation, 2012-2021
Figure 20: Philippines - Prepaid Cards Transaction Value, 2012-2021
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.