Philippines Cards And Payments Market Insights and Forecast to 2023
Added: (Mon Nov 26 2018)
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Steady growth was recorded in the Filipino card payments channel during the review period as the number of cards in circulation increased at a CAGR of 8%. This growth was primarily driven by the prepaid cards category which registered the highest growth rate at a CAGR of 17%. Over the forecast period the number of cards in circulation is expected to register a CAGR of 6%.
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The card payments channel is dominated by four large domestic banking groups – Metrobank, Banco de Oro, Bank of the Philippine Islands (BPI), and Land Bank of the Philippines. In the debit card category, domestic banks held a collective market share of 57%. Foreign banks such as Citibank and HSBC dominate the credit card business. In terms of number of credit cards in circulation, Citibank held the highest share followed by HSBC with 10.8%.
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The cards and payments industry benefits from international remittances due to the large number of Filipinos migrating to other countries. In response to this, banks are offering a number of remittance debit and prepaid cards, allowing migrant Filipinos to transfer money to beneficiaries in the Philippines. OFW Cash Card and On-time Remittance Card are examples of some of the prevailing remittance cards in the country.
As competition intensifies, banks are implementing innovative strategies to attract new customers and retain existing ones. Shopping rebates, raffles, installment programs, discounts and freebies at partner retail merchants on credit card purchases are common tactical promotions. To differentiate their offerings, banks are adopting new technology and redefining customer segmentation. Analytics-based platforms are used to improve customer segmentation and develop targeted offering. There is also an increased focus on rewards to retain customers and drive revenue growth.
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A number of factors driving the cards and payments industry in the Philippines. Growing retail sector, growing remittance business, rising e-commerce and increasing outbound tourism spending to name a few are driving the growth. Other macro-economic factors such as strong GDP growth, increasing adoption of e-payment, growing urbanization and rising consumer confidence are all contributing to the growth of the market.
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