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Philippines Prepaid Card and Digital Wallet Markets and Investment Opportunities Report 2022: Fintech Players are Entering the Flourishing Prepaid Card Market
Dublin, Sept. 08, 2022 (GLOBE NEWSWIRE) -- The "Philippines Prepaid Card and Digital Wallet Business and Investment Opportunities Databook - Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend" report has been added to ResearchAndMarkets.com's offering.
The market is expected to record a CAGR of 11.0%, increasing from US$3.21 billion in 2022 to reach US$4.86 billion by 2026.
This report provides a detailed data centric analysis of prepaid payment instruments, covering spend through prepaid cards and digital wallets across retail and corporate consumer segments. In addition, it provides a snapshot of consumer behaviour and retail spend dynamics in the Philippines. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.
The rise of the cashless economy surged the prepaid card market in the Philippines in the last four to six quarters. According to the Q4 2021 Global Prepaid Card Survey, close to 38% of the consumers started using digital payment methods for the first time since the onset of Covid-19. Moreover, there have been efforts on the government's side to drive the country towards a cashless economy. For instance, for the financial inclusion of underserved populations, the Central Bank of the Philippines employed various micro-banking offices, e-money issuers, and remittance agents. Resultantly, the circulation of prepaid cards in the country also increased.
Fintech players are entering the flourishing prepaid card market in the Philippines
The Philippines has a massive unbanked population, with over two-thirds of the adult population - more than 50 million adults - without any bank account. This has invited leading fintech companies to enter the country with a focus on digital transformation as a strategic imperative.
India-based payments solution company, Pine Labs, announced in December 2020 that the company would be expanding its product offerings to the overseas market, including the Philippines, in 2021.
Moreover, the company acquired Qwikcilver, a gift card solutions company, in 2020, and the company will launch the prepaid payment instrument for Filipinos via its subsidiary company.
Prepaid card providers are adopting QR Ph for the Filipino merchants
Prepaid card providers are taking initiatives to transform the cash-heavy economy into a cash-lite, following the footsteps of the Central bank of the Philippines.
In April 2021, PayMaya, a digital wallet and prepaid card provider introduced QR Ph for its merchant partners.
With the new payment scheme, enterprises will offer consumers a convenient digital payment option as the merchants can accept QR payments regardless of their customers' bank or e-wallet accounts.
Similarly, consumers will experience more convenient transactions as they no longer need to have different apps to scan-to-pay a merchant's QR code.
PayMaya has rolled out the maximum number of QR Ph P2M acceptance points across its enterprise base. Notably, in November 2021, the company has more than 160,000 online and on-ground touchpoints, which include large companies, government agencies, as well MSMEs.
GrabPay partnered with Mastercard to launch digital prepaid card
In June 2021, super app, GrabPay, launched their GrabPay Card in the Philippines in partnership with Mastercard.
The digital GrabPay card will provide the users with secured card transactions, hassle-free online payments, and the opportunity to earn rewards.
The user can operate the GrabPay card via the Grab app.
Scope
Philippines Digital Wallet Market Size and Forecast
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction
Philippines Digital Wallet Market Size and Forecast by Key Segments
Retail Shopping (Value, Volume, Avg. Value)
Travel (Value, Volume, Avg. Value)
Entertainment and Gaming (Value, Volume, Avg. Value)
Restaurant (Value, Volume, Avg. Value)
Recharge and Bill Payment (Value, Volume, Avg. Value)
Philippines Prepaid Card Industry Market Attractiveness
Load Value Trend Analysis
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction
Number of Cards
Market Share Analysis by Functional Attributes - Open Loop vs. Closed Loop, 2017 - 2026
Market Share Analysis by Prepaid Card Categories
Philippines Open Loop Prepaid Card Future Growth Dynamics, 2017 - 2026
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction
Number of Cards
Philippines Closed Loop Prepaid Card Future Growth Dynamics, 2017 - 2026
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction
Number of Cards
Philippines Prepaid Card Consumer Usage Trends
By Age Group
By Income Group
By Gender
Philippines General Purpose Prepaid Card Market Size and Forecast
Philippines Gift Card Market Size and Forecast
Gift Card Market Size and Forecast by Functional Attribute
By Open Loop Gift Card
By Closed Loop Gift Card
Gift Card Market Size and Forecast by Consumer Segments
By Retail Consumer Segment
By Corporate Consumer Segment
Gift Card Market Share Analysis by Retail Categories
Gift Card Market Share Analysis by Gifting Occasion
Gift Card Market Share Analysis by Purchase Location
Philippines Entertainment and Gaming Prepaid Card Market Size and Forecast
Philippines Teen and Campus Prepaid Card Market Size and Forecast
Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute
By Open Loop Teen and Campus Prepaid Card
By Closed Loop Teen and Campus Prepaid Card
Philippines Business and Administrative Expense Prepaid Card Market Size and Forecast
Business and Administrative Expense Prepaid Card Market Size and Forecast by Consumer Segments
By Small Scale Business Segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment
Philippines Payroll Prepaid Card Market Size and Forecast
Payroll Prepaid Card Market Size and Forecast by Consumer Segments
By Small Scale Business Segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment
Philippines Meal Prepaid Card Market Size and Forecast
Meal Prepaid Card Market Size and Forecast by Consumer Segments
By Small Scale Business Segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment
Philippines Travel Forex Prepaid Card Market Size and Forecast
Travel Forex Prepaid Card Market Size and Forecast by Consumer Segments
By Retail
By Small Scale Business Segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment
Philippines Transit and Tolls Prepaid Card Market Size and Forecast
Philippines Healthcare and Wellness Prepaid Card Market Size and Forecast
Philippines Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast
Philippines Fuel Prepaid Cards Market Size and Forecast
Philippines Utilities, and Other Prepaid Cards Market Size and Forecast
For more information about this report visit https://www.researchandmarkets.com/r/lu7px2
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