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Learn moreNov 2020
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The decline in the number of cards in circulation has been softer in debit cards than in other categories, as the opening of new accounts for savings has partially offset the impact of the closure of accounts due to unemployment and the generally weaker economy. CIMB noted that it recorded growth in savings account openings and personal loan applications during the first three months of lockdown in the Philippines, while CIMB and BPI were amongst the banks to see deposits rise during the pandemic.
Debit cards have experienced a steep decline in value in 2020. Despite the efforts of banks such as Bank of the Philippine Islands (BPI) to encourage greater use of debit cards for cashless transactions by offering rewards and promotions, in line with the country’s overall goal to move towards electronic payments, debit cards are not commonly used in cashless transactions in the Philippines.
BPI remains the largest player in debit cards in terms of the number of cards in circulation, though BDO Unibank is the leader in terms of the value of transactions. Both banks have increased their share in terms of both number of cards in circulation and transaction value, driven by the opening of new accounts and the promotion of debit cards’ use for cashless transactions.
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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.
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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:
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Euromonitor’s industry reports, including Debit Transactions in Philippines, originate from our database within our Consumer Finance market share and market size database.
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.