Philippines Prepaid Cards Market Report 2021: Market is Expected to Grow by 17.7% to Reach $3.82 Billion in 2021 - Forecast to 2025
DUBLIN, Dec. 14, 2021 /PRNewswire/ -- The "Philippines Prepaid Cards Business and Investment Opportunities - Market Size and Forecast (2016-2025), Consumer Attitude & Behaviour, Retail Spend, Market Risk" report has been added to ResearchAndMarkets.com's offering.
According to the Q2 2021 Global Prepaid Card Survey, prepaid card market in the Philippines is expected to grow by 17.7% on annual basis to reach US$ 3,827.8 million in 2021.
The prepaid card market expected to grow over the forecast period, recording a CAGR of 13.0% during 2021-2025. The prepaid card market in the Philippines will increase from US$ 3,251.5 million in 2020 to reach US$ 5,310.3 million by 2025.
Cash has been the most popular payment instrument in the Philippines. However, with the efforts of the Central Bank of the Philippines along with the government initiatives, the share of cash-based transactions has declined significantly over the last few years. As part of the government's plan to boost the inclusion of digital payments in the country, a number of strategic initiatives have been implemented.
For instance, the government has employed several micro-banking offices, e-money issuers, and remittance agents to ensure that underserved or unserved areas in the Philippines get access to financial services. Consequently, the number of prepaid cards in circulation has increased significantly over the last few years in the Philippines.
Global players looking to enter the growing prepaid card segment in the Philippines:
The Philippines is an attractive, high-growth potential market for global players looking to expand their market share in Southeast Asia. With the growing adoption of prepaid cards and a higher percentage of the unbanked population, the Filipino market is a no-brainer for financial services players to expand their product offerings in the country. For instance,
In December 2020, India-based payments solution firm, Pine Labs, announced that the company is looking to expand its product offering in overseas markets, including the Philippines. Pine Labs announced that the company is planning to launch prepaid vouchers and gift card solutions for Filipino consumers by mid-2021. The payments solution firm will launch the prepaid payment instrument for Filipinos through its subsidiary company Qwikcilver, which it acquired in 2020.
Prepaid card providers integrating QR Ph for merchants in the Philippines:
To accelerate cashless adoption in the country and to boost the growth of its prepaid card segment, digital wallet provider, PayMaya, has integrated QR Ph for its merchant partners in May 2021. With this rollout of the national quick response code standard, merchants in the country will accept contactless payments from every digital wallet in the country.
It means that merchants will no longer have to use multiple QR codes. They can provide their customers with a more streamlined shopping experience through their partnership with PayMaya.
Scope:
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, 2016 - 2025
Market Share Analysis by Prepaid Card Categories
Philippines Open Loop Prepaid Card Future Growth Dynamics, 2016 - 2025
- Transaction Value Trend Analysis
- Transaction Volume Trend Analysis
- Average Value per Transaction
- Number of Cards
Philippines Closed Loop Prepaid Card Future Growth Dynamics, 2016 - 2025
- 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/y9a24h
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