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DUBLIN, Sept. 14, 2022 /PRNewswire/ — The Philippines’ “Philippine Prepaid Card and Digital Wallet Business and Investment Opportunity Data Book: Market Size and Forecast, Consumer Attitude
The market is expected to record a CAGR of 11. 0%, from USD 3210 million in 2022 to USD 4860 million through 2026.
This report provides detailed research targeting data from prepaid payment tools, covering the spending of prepaid cards and virtual wallets in the retail and commercial segments. In addition, it provides a snapshot of customer habit and retail spending dynamics in the Philippines. With over one hundred KPIs at the country level, this report provides a comprehensive understanding of the dynamics of the prepaid cards and virtual wallet cards market.
The booming cashless economy has caused the prepaid card market in the Philippines to grow over the past 4 to 6 quarters. According to the Fourth Quarter 2021 Global Prepaid Card Survey, only around 38% of consumers have started employing virtual payment strategies for the first time since the beginning of Covid-19. In addition, efforts have been made on the governmental side to move the country towards a cashless economy. For example, for the monetary inclusion of underserved populations, the Central Bank of the Philippines has hired micro-bank branches, electronic cash issuers and cash movement agents. As a result, the flow of prepaid cards in the country has also increased.
Fintech Enters Thriving Prepaid Card Market in the Philippines
The Philippines has a large unbanked population, with more than two-thirds of the adult population (more than 50 million adults) without a bank account. This invited major fintech companies to bring the country a virtual transformation as a strategic imperative.
India-based payment response company Pine Labs announced in December 2020 that the company would expand its product offerings to the market, adding the Philippines, in 2021.
In addition, the company acquired Qwikcilver, a gift card that responds to the company, in 2020, and the company will launch the prepaid payment tool for Filipinos, its subsidiary.
Prepaid Card Providers Adopt QR Ph for Filipino Merchants
Prepaid card providers are taking projects from the money-based economy to a monetary economy, following in the footsteps of the Central Bank of the Philippines.
In April 2021, PayMaya, a provider of virtual wallet and prepaid cards, QR Ph for its business partners.
With the new payment system, businesses will offer consumers a convenient virtual payment option, as merchants can settle for QR invoices regardless of their customers’ bank or e-wallet accounts.
Similarly, consumers will get advantages of more convenient transactions, as they will no longer want to have other apps to scan and pay for a merchant’s QR code.
PayMaya has implemented the most QR Ph P2M acceptance issues in its corporate base. Notably, as of November 2021, the company had more than 160,000 online and boxed touch issues, which come with giant corporations, government agencies, and MSMEs.
GrabPay has partnered with Mastercard to launch a virtual prepaid card
In June 2021, the super app GrabPay introduced its GrabPay card in the Philippines in partnership with Mastercard.
The GrabPay virtual card will offer users secure card transactions, hassle-free online invoices and the opportunity to earn rewards.
The user can use the GrabPay card in the Grab app.
Scope
Digital wallet market size and forecast in the Philippines
Transaction trend analysis
Transaction trend analysis
Average consistent with the transaction
Digital wallet market size and forecast in the Philippines across key segments
Retail purchases (value, volume, value)
Travel (value, volume, value)
Entertainment and games (value, volume, value)
Restaurant (value, volume, value)
Recharge and payment of invoices (value, volume, value)
Attractiveness of the prepaid card market in the Philippines
Load trend analysis
Transaction trend analysis
Transaction trend analysis
Average consistent with the transaction
Number of cards
Market share analysis across functional attributes: open vs. closed loop, 2017 – 2026
Analysis of market actions through prepaid cards
Dynamics of future expansion of open circuit prepaid cards in the Philippines, 2017 – 2026
Transaction trend analysis
Transaction trend analysis
Average consistent with the transaction
Number of cards
Dynamics of future expansion of closed-loop prepaid cards in the Philippines, 2017 – 2026
Transaction trend analysis
Transaction trend analysis
Average consistent with the transaction
Number of cards
Trends in the use of prepaid in Philippines
By age group
By income source group
By gender
General Purpose Prepaid Card Market Size and Forecast in the Philippines
Size and Forecast of the Gift Card Market in the Philippines
Gift Card Market Size and Forecast through Functional Attribute
Per Open Loop card
By closed-loop card
Gift Card Market Size and Forecast across Consumer Segments
By retail segment
By customer segment
Gift Card Market Share Analysis Across Retail Categories
Analysis of market share of gift cards through the gift occasion
Analysis of the percentage of position in the gift card market through the purchase position
Prepaid Gaming and Entertainment Card Market Size and Forecast in the Philippines
Youth and Campus Prepaid Card Market Size and Forecast in the Philippines
Teen and Campus Prepaid Card Market Size and Forecast through Functional Attribute
By Open Loop Teen and Campus card
By Closed Loop Teen and Campus card
Prepaid Card Market Size and Forecast for Business and Administrative Expenses in the Philippines
Market Size and Forecast of Prepaid Cards for Business and Administrative Expenses across Consumer Segments
By small-scale segment
By intermediate segment
By sector
By segment
Prepaid Payroll Card Market Size and Forecast in the Philippines
Prepaid Payroll Card Market Size and Forecast across Consumer Segments
By small-scale segment
By intermediate segment
By sector
By segment
Prepaid Food Card Market Size and Forecast in the Philippines
Prepaid Food Card Market Size and Forecast across Consumer Segments
By small-scale segment
By intermediate segment
By sector
By segment
Forex Market Size and Forecast Prepaid Card Market in the Philippines
Forex Market Journey Prepaid Card Market Size and Forecast Across Consumer Segments
Retail
By small-scale segment
By intermediate segment
By sector
By segment
Transit and Toll Prepaid Card Market Size and Forecast in the Philippines
Health and Wellness Prepaid Card Market Size and Forecast in the Philippines
Philippines Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
Prepaid Fuel Card Market Size and Forecast in the Philippines
Size and forecast of the market for utilities in the Philippines and prepaid cards
For more on this report, https://www. researchandmarkets. com/r/3a9ih7
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SOURCE Research and Markets