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Country Report

Debit Transactions in

Debit Cards in the Philippines

Nov 2019

US$990

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Executive Summary

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If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

PROSPECTS

Despite strong growth prospects, debit cards will remain underutilised with consumers preferring other payment methods

The number of debit cards in circulation was significantly higher compared to credit cards in the Philippines in 2019, due to standard bank practice to offer these types of cards to any savings or current account holders, automatically qualifying customers for a debit card. However, the volume and value of transactions recorded by debit cards compared to credit cards is much lower as cashless transactions through this payment method remain unpopular in the country.

Move towards EMV-enabled debit cards may help to allay security concerns amongst consumers

The Bangko Sentral ng Pilipinas (BSP), or Central Bank, gave BSP-Supervised Financial Institutions (BSFIs) until the end of June 2018 to shift from magnetic stripe technology to complete full migration to Europay, Mastercard and Visa (EMV) chip-compliant technology, POS terminals and ATMs, with the Philippines late to adopt this technology compared to other countries due a general mistrust in digital systems and lack of education amongst consumers. However, cardholders were required to visit their local branches to claim their new EMV-enabled cards or their current cards would be deactivated.

Electronic bank transfer could intensify competition amongst banks

Another notable initiative from the Bangko Sentral ng Pilipinas (BSP) towards the end of the review period could influence which bank Filipinos choose to open an account with and the type of debit card to get depending on the associated fees, with a new mandate on electronic fund transfers. Apart from making payments, fund transfer is a key factor in the usage of electronic transactions, encouraging an increasing number of banks such as UCPB and RCPB to sign up to the BSP’s InstaPay platform.

COMPETITIVE LANDSCAPE

BPI continues to lose ground in increasingly intense competitive landscape

Bank of the Philippine Islands – BPI remained the leading issuer of debit cards in 2018, despite losing share to a number of smaller players in 2018. However, its share of debit card transactions remained much lower, ranking the player second behind the more dynamic BDO Unibank Inc.

Strong performances by competitors which continue to invest in greater security features to attract consumers

Several banks continued to record strong performances by gaining greater share through the issuing of debit cards and value share gain of debit card transactions in 2018 including Security Bank Corp, which dominates commercial debit cards, but has been focusing more on promoting its personal debit cards towards the end of the review period. The player launched a number of attractive features including All Access Account with Free Life Insurance, which offers customers inclusive access to users’ funds through a passbook, cheque book, mobile app and an EMV debit MasterCard that can be claimed immediately upon account opening, in addition to enhanced security with a One Time Password (OTP) whenever an online transaction is made for its Security Debit Card online transactions.

Rising competition from digital banks

In line with increasing digitalisation within the Philippines, traditional major banks could experience rising competition from players such as CIMB Bank Philippines, which launched in the country in January 2019 and is operated by a Malaysian financial giant. This new player is predicted to attract a wide range of customers, including unbanked, underserved or even banked individuals who are looking to open new accounts.

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Overview

Why buy this report?

Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.

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Overview

Discover the latest market trends and uncover sources of future market growth for the Debit Transactions industry in Philippines with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Debit Transactions industry in Philippines, our research will save you time and money while empowering you to make informed, profitable decisions.

The Debit Transactions in Philippines market research report includes:

Analysis of key supply-side and demand trends
Detailed segmentation of international and local products
Historic volumes and values, company and brand market shares
Five year forecasts of market trends and market growth
Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

What is the market size of Debit Transactions in Philippines?
What are the major operators and issuers in Philippines?
What is the current state and expected evolution of consumer payment preference?
What payment instrument offers the highest growth potential?
What strategies and positioning have consumer finance companies utilized to win in the market?

Why buy this report?

Gain competitive intelligence about market leaders
Track key industry trends, opportunities and threats
Inform your marketing, brand, strategy and market development, sales and supply functions

Euromonitor’s industry reports, including Debit Transactions in Philippines, originate from our database within our Consumer Finance market share and market size database.

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Charge Cards in the Philippines - Category analysis

Charge Cards in the Philippines - Company Profile

HEADLINES

PROSPECTS

Exclusive nature of charge cards restricts consumer base

Charge cards predicted to remain a niche over the forecast period

COMPETITIVE LANDSCAPE

Sole issuer and operator limits use of charge cards in the Philippines

CATEGORY DATA

Table 1 Charge Cards: Number of Cards in Circulation 2014-2019
Table 2 Charge Cards Transactions 2014-2019
Table 3 Charge Cards in Circulation: % Growth 2014-2019
Table 4 Charge Cards Transactions: % Growth 2014-2019
Table 5 Commercial Charge Cards: Number of Cards in Circulation 2014-2019
Table 6 Commercial Charge Cards Transactions 2014-2019
Table 7 Commercial Charge Cards in Circulation: % Growth 2014-2019
Table 8 Commercial Charge Cards Transactions: % Growth 2014-2019
Table 9 Personal Charge Cards: Number of Cards in Circulation 2014-2019
Table 10 Personal Charge Cards Transactions 2014-2019
Table 11 Personal Charge Cards in Circulation: % Growth 2014-2019
Table 12 Personal Charge Cards Transactions: % Growth 2014-2019
Table 13 Charge Cards: Number of Cards by Issuer 2014-2018
Table 14 Charge Cards: Number of Cards by Operator 2014-2018
Table 15 Charge Cards Payment Transaction Value by Issuer 2014-2018
Table 16 Charge Cards Payment Transaction Value by Operator 2014-2018
Table 17 Commercial Charge Cards: Number of Cards by Issuer 2014-2018
Table 18 Commercial Charge Cards: Number of Cards by Operator 2014-2018
Table 19 Commercial Charge Cards Payment Transaction Value by Issuer 2014-2018
Table 20 Commercial Charge Cards Payment Transaction Value by Operator 2014-2018
Table 21 Personal Charge Cards: Number of Cards by Issuer 2014-2018
Table 22 Personal Charge Cards: Number of Cards by Operator 2014-2018
Table 23 Personal Charge Cards Transaction Value by Issuer 2014-2018
Table 24 Personal Charge Cards Transaction Value by Operator 2014-2018
Table 25 Forecast Charge Cards: Number of Cards in Circulation 2019-2024
Table 26 Forecast Charge Cards Transactions 2019-2024
Table 27 Forecast Charge Cards in Circulation: % Growth 2019-2024
Table 28 Forecast Charge Cards Transactions: % Growth 2019-2024
Table 29 Forecast Commercial Charge Cards: Number of Cards in Circulation 2019-2024
Table 30 Forecast Commercial Charge Cards Transactions 2019-2024
Table 31 Forecast Commercial Charge Cards in Circulation: % Growth 2019-2024
Table 32 Forecast Commercial Charge Cards Transactions: % Growth 2019-2024
Table 33 Forecast Personal Charge Cards: Number of Cards in Circulation 2019-2024
Table 34 Forecast Personal Charge Cards Transactions 2019-2024
Table 35 Forecast Personal Charge Cards in Circulation: % Growth 2019-2024
Table 36 Forecast Personal Charge Cards Transactions: % Growth 2019-2024

Credit Cards in the Philippines - Category analysis

Credit Cards in the Philippines - Company Profile

HEADLINES

PROSPECTS

High value attached to credit card usage but category offers further potential

Banks attempt to improve application process of applying for credit cards

Further challenges ahead for credit cards

COMPETITIVE LANDSCAPE

Major banks lose share to smaller dynamic players

Ride-hailing app chooses the Philippines as first South East Asia market to launch Citi Grab

Visa aims to strengthen security of credit cards to address fraud concerns

CATEGORY DATA

Table 37 Credit Cards: Number of Cards in Circulation 2014-2019
Table 38 Credit Cards Transactions 2014-2019
Table 39 Credit Cards in Circulation: % Growth 2014-2019
Table 40 Credit Cards Transactions: % Growth 2014-2019
Table 41 Commercial Credit Cards: Number of Cards in Circulation 2014-2019
Table 42 Commercial Credit Cards Transactions 2014-2019
Table 43 Commercial Credit Cards in Circulation: % Growth 2014-2019
Table 44 Commercial Credit Cards Transactions: % Growth 2014-2019
Table 45 Personal Credit Cards: Number of Cards in Circulation 2014-2019
Table 46 Personal Credit Cards Transactions 2014-2019
Table 47 Personal Credit Cards in Circulation: % Growth 2014-2019
Table 48 Personal Credit Cards Transactions: % Growth 2014-2019
Table 49 Credit Cards: Number of Cards by Issuer 2014-2018
Table 50 Credit Cards: Number of Cards by Operator 2014-2018
Table 51 Credit Cards Payment Transaction Value by Issuer 2014-2018
Table 52 Credit Cards Payment Transaction Value by Operator 2014-2018
Table 53 Commercial Credit Cards: Number of Cards by Issuer 2014-2018
Table 54 Commercial Credit Cards: Number of Cards by Operator 2014-2018
Table 55 Commercial Credit Cards Payment Transaction Value by Issuer 2014-2018
Table 56 Commercial Credit Cards Payment Transaction Value by Operator 2014-2018
Table 57 Personal Credit Cards: Number of Cards by Issuer 2014-2018
Table 58 Personal Credit Cards: Number of Cards by Operator 2014-2018
Table 59 Personal Credit Cards Payment Transaction Value by Issuer 2014-2018
Table 60 Personal Credit Cards Payment Transaction Value by Operator 2014-2018
Table 61 Forecast Credit Cards: Number of Cards in Circulation 2019-2024
Table 62 Forecast Credit Cards Transactions 2019-2024
Table 63 Forecast Credit Cards in Circulation: % Growth 2019-2024
Table 64 Forecast Credit Cards Transactions: % Growth 2019-2024
Table 65 Forecast Commercial Credit Cards: Number of Cards in Circulation 2019-2024
Table 66 Forecast Commercial Credit Cards Transactions 2019-2024
Table 67 Forecast Commercial Credit Cards in Circulation: % Growth 2019-2024
Table 68 Forecast Commercial Credit Cards Transactions: % Growth 2019-2024
Table 69 Forecast Personal Credit Cards: Number of Cards in Circulation 2019-2024
Table 70 Forecast Personal Credit Cards Transactions 2019-2024
Table 71 Forecast Personal Credit Cards in Circulation: % Growth 2019-2024
Table 72 Forecast Personal Credit Cards Transactions: % Growth 2019-2024

Debit Cards in the Philippines - Category analysis

Debit Cards in the Philippines - Company Profile

HEADLINES

PROSPECTS

Despite strong growth prospects, debit cards will remain underutilised with consumers preferring other payment methods

Move towards EMV-enabled debit cards may help to allay security concerns amongst consumers

Electronic bank transfer could intensify competition amongst banks

COMPETITIVE LANDSCAPE

BPI continues to lose ground in increasingly intense competitive landscape

Strong performances by competitors which continue to invest in greater security features to attract consumers

Rising competition from digital banks

CATEGORY DATA

Table 73 Debit Cards: Number of Cards in Circulation 2014-2019
Table 74 Debit Cards Transactions 2014-2019
Table 75 Debit Cards in Circulation: % Growth 2014-2019
Table 76 Debit Cards Transactions: % Growth 2014-2019
Table 77 Debit Cards: Number of Cards by Issuer 2014-2018
Table 78 Debit Cards: Number of Cards by Operator 2014-2018
Table 79 Debit Cards Payment Transaction Value by Issuer 2014-2018
Table 80 Debit Cards Payment Transaction Value by Operator 2014-2018
Table 81 Forecast Debit Cards: Number of Cards in Circulation 2019-2024
Table 82 Forecast Debit Cards Transactions 2019-2024
Table 83 Forecast Debit Cards in Circulation: % Growth 2019-2024
Table 84 Forecast Debit Cards Transactions: % Growth 2019-2024

Pre-Paid Cards in the Philippines - Category analysis

Pre-Paid Cards in the Philippines - Company Profile

HEADLINES

PROSPECTS

Pre-paid remains most popular type of financial card in circulation attracting dominant unbanked population

Digital wallets offer increasing competition to bank-issued pre-paid cards

Bank-issued pre-paid cards form partnerships to offer rewards as incentive to consumers

COMPETITIVE LANDSCAPE

Major disruption within pre-paid cards with dynamic performances by digital players

GCash expands user base allowing G-Xchange to move up rankings

GrabPay is set to be another digital disruptor moving forward

CATEGORY DATA

Table 85 Pre-paid Cards: Number of Cards in Circulation 2014-2019
Table 86 Pre-paid Cards Transactions 2014-2019
Table 87 Pre-paid Cards in Circulation: % Growth 2014-2019
Table 88 Pre-paid Cards Transactions: % Growth 2014-2019
Table 89 Closed Loop Pre-paid Cards Transactions 2014-2019
Table 90 Closed Loop Pre-paid Cards Transactions: % Growth 2014-2019
Table 91 Open Loop Pre-paid Cards Transactions 2014-2019
Table 92 Open Loop Pre-paid Cards Transactions: % Growth 2014-2019
Table 93 Pre-paid Cards: Number of Cards by Issuer 2014-2018
Table 94 Pre-paid Cards: Number of Cards by Operator 2014-2018
Table 95 Pre-paid Cards Transaction Value by Issuer 2014-2018
Table 96 Pre-paid Cards Transaction Value by Operator 2014-2018
Table 97 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2014-2018
Table 98 Closed Loop Pre-paid Cards: Number of Cards by Operator 2014-2018
Table 99 Closed Loop Pre-paid Cards Transaction Value by Issuer 2014-2018
Table 100 Closed Loop Pre-paid Cards Transaction Value by Operator 2014-2018
Table 101 Open Loop Pre-paid Cards: Number of Cards by Issuer 2014-2018
Table 102 Open Loop Pre-paid Cards: Number of Cards by Operator 2014-2018
Table 103 Open Loop Pre-paid Cards Transaction Value by Issuer 2014-2018
Table 104 Open Loop Pre-paid Cards Transaction Value by Operator 2014-2018
Table 105 Forecast Pre-paid Cards: Number of Cards in Circulation 2019-2024
Table 106 Forecast Pre-paid Cards Transactions 2019-2024
Table 107 Forecast Pre-paid Cards in Circulation: % Growth 2019-2024
Table 108 Forecast Pre-paid Cards Transactions: % Growth 2019-2024
Table 109 Forecast Closed Loop Pre-paid Cards Transactions 2019-2024
Table 110 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2019-2024
Table 111 Forecast Open Loop Pre-paid Cards Transactions 2019-2024
Table 112 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2019-2024

Store Cards in the Philippines - Category analysis

Store Cards in the Philippines - Company Profile

PROSPECTS

Financial Cards and Payments in the Philippines - Industry Overview

EXECUTIVE SUMMARY

Solid performance for financial cards but m-commerce records most dynamic growth supported by high penetration of smartphones

Greater drive towards digitalisation to support higher use of cashless transactions

Electronic fund transfer times improve through use of InstaPay and PESONet

Digital players disrupt competitive landscape of financial cards

Strong performance for financial cards over forecast period although m-commerce will continue to record most impressive growth

MARKET INDICATORS

Table 113 Number of POS Terminals: Units 2014-2019
Table 114 Number of ATMs: Units 2014-2019
Table 115 Value Lost to Fraud 2014-2019
Table 116 Card Expenditure by Location 2019
Table 117 Financial Cards in Circulation by Type: % Number of Cards 2014-2019
Table 118 Domestic versus Foreign Spend 2019

MARKET DATA

Table 119 Financial Cards by Category: Number of Cards in Circulation 2014-2019
Table 120 Financial Cards by Category: Number of Accounts 2014-2019
Table 121 Financial Cards Transactions by Category: Value 2014-2019
Table 122 Financial Cards by Category: Number of Transactions 2014-2019
Table 123 Consumer Payments by Category: Value 2014-2019
Table 124 Consumer Payments by Category: Number of Transactions 2014-2019
Table 125 M-Commerce by Category: Value 2014-2019
Table 126 M-Commerce by Category: % Value Growth 2014-2019
Table 127 Financial Cards: Number of Cards by Issuer 2014-2018
Table 128 Financial Cards: Number of Cards by Operator 2014-2018
Table 129 Financial Cards: Card Payment Transactions Value by Operator 2014-2018
Table 130 Financial Cards: Card Payment Transactions Value by Issuer 2014-2018
Table 131 Forecast Financial Cards by Category: Number of Cards in Circulation 2019-2024
Table 132 Forecast Financial Cards by Category: Number of Accounts 2019-2024
Table 133 Forecast Financial Cards Transactions by Category: Value 2019-2024
Table 134 Forecast Financial Cards by Category: Number of Transactions 2019-2024
Table 135 Forecast Consumer Payments by Category: Value 2019-2024
Table 136 Forecast Consumer Payments by Category: Number of Transactions 2019-2024
Table 137 Forecast M-Commerce by Category: Value 2019-2024
Table 138 Forecast M-Commerce by Category: % Value Growth 2019-2024

Megatrends

Country Report

Debit Cards in the Philippines

New Report Guarantee

Executive Summary

New Report Guarantee

PROSPECTS

Despite strong growth prospects, debit cards will remain underutilised with consumers preferring other payment methods

Move towards EMV-enabled debit cards may help to allay security concerns amongst consumers

Electronic bank transfer could intensify competition amongst banks

COMPETITIVE LANDSCAPE

BPI continues to lose ground in increasingly intense competitive landscape

Strong performances by competitors which continue to invest in greater security features to attract consumers

Rising competition from digital banks

Overview

Why buy this report?

SAMPLES

Delivery Method

Overview

Why buy this report?

Want to find out more about this report?

Table of Contents

Charge Cards in the Philippines - Category analysis

Charge Cards in the Philippines - Company Profile

HEADLINES

PROSPECTS

Exclusive nature of charge cards restricts consumer base

Charge cards predicted to remain a niche over the forecast period

COMPETITIVE LANDSCAPE

Sole issuer and operator limits use of charge cards in the Philippines

CATEGORY DATA

Credit Cards in the Philippines - Category analysis

Credit Cards in the Philippines - Company Profile

HEADLINES

PROSPECTS

High value attached to credit card usage but category offers further potential

Banks attempt to improve application process of applying for credit cards

Further challenges ahead for credit cards

COMPETITIVE LANDSCAPE

Major banks lose share to smaller dynamic players

Ride-hailing app chooses the Philippines as first South East Asia market to launch Citi Grab

Visa aims to strengthen security of credit cards to address fraud concerns

CATEGORY DATA

Debit Cards in the Philippines - Category analysis

Debit Cards in the Philippines - Company Profile

HEADLINES

PROSPECTS

Despite strong growth prospects, debit cards will remain underutilised with consumers preferring other payment methods

Move towards EMV-enabled debit cards may help to allay security concerns amongst consumers

Electronic bank transfer could intensify competition amongst banks

COMPETITIVE LANDSCAPE

BPI continues to lose ground in increasingly intense competitive landscape

Strong performances by competitors which continue to invest in greater security features to attract consumers

Rising competition from digital banks

CATEGORY DATA

Pre-Paid Cards in the Philippines - Category analysis

Pre-Paid Cards in the Philippines - Company Profile

HEADLINES

PROSPECTS

Pre-paid remains most popular type of financial card in circulation attracting dominant unbanked population

Digital wallets offer increasing competition to bank-issued pre-paid cards

Bank-issued pre-paid cards form partnerships to offer rewards as incentive to consumers

COMPETITIVE LANDSCAPE

Major disruption within pre-paid cards with dynamic performances by digital players

GCash expands user base allowing G-Xchange to move up rankings

GrabPay is set to be another digital disruptor moving forward

CATEGORY DATA

Store Cards in the Philippines - Category analysis

Store Cards in the Philippines - Company Profile

PROSPECTS

Financial Cards and Payments in the Philippines - Industry Overview

EXECUTIVE SUMMARY

Solid performance for financial cards but m-commerce records most dynamic growth supported by high penetration of smartphones

Greater drive towards digitalisation to support higher use of cashless transactions

Electronic fund transfer times improve through use of InstaPay and PESONet

Digital players disrupt competitive landscape of financial cards

Strong performance for financial cards over forecast period although m-commerce will continue to record most impressive growth

MARKET INDICATORS

MARKET DATA

SOURCES