LONDON, April 13, 2016 /PRNewswire/ -- Synopsis
Timetric's 'The Cards and Payments Industry in the Philippines: Emerging Trends and Opportunities to 2019' report provides detailed analysis of market trends in the Philippine cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including check payments, payment cards and cash transactions during the review period (2010–2014).
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, and transaction values and volumes during the review period and over the forecast period (2015–2019). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
The report brings together Timetric's research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.
Timetric's 'The Cards and Payments Industry in the Philippines: Emerging Trends and Opportunities to 2019' report provides top-level market analysis, information and insights into the Philippine cards and payments industry, including:
- Current and forecast values for each market in the Philippine cards and payments industry, including debit card, credit and charge cards. It also includes detailed analysis of the prepaid card market.
- Detailed insights into payment instruments including cash transactions, checks and payment cards. It also, includes an overview of the country's key alternative payment instruments.
- E-commerce market analysis and online payment types.
- Analysis of various market drivers and regulations governing the Philippine cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape of the Philippine cards and payments industry.
- This report provides a comprehensive analysis of the Philippines cards and payments industry.
- It provides current values for the Philippine cards and payments industry for 2014, and forecast figures to 2019.
- It details the different demographic, economic, infrastructural and business drivers affecting the Philippine cards and payments industry.
- It outlines the current regulatory framework in the industry.
- It details marketing strategies used by various banks and other institutions.
Reasons To Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Philippine cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Philippine cards and payments industry.
- Assess the competitive dynamics in the Philippine cards and payments industry.
- Gain insights into marketing strategies used for various card types in the Philippines.
- Gain insights into key regulations governing the Philippine cards and payments industry.
- To capitalize on the increasing uptake of mobile point-of-sale (mPOS) solutions among small and medium merchants such as insurance agents and food-delivery businesses, solution providers are offering low-cost mPOS services. For instance, Swiff, a mobile payment technology provider signed an agreement with G-Xchange, a mobile payment and remittance service provider in March 2014 to introduce Globe Charge, an mPOS service in the Philippines. Globe Charge is an Europay, MasterCard, and Visa (EMV) Level 2-certified service offering merchants different payment acceptance options including chip and PIN, chip and sign, and swipe and sign. Similarly, car-booking company GrabTaxi expanded its cashless payment service by entering into a partnership with Visa in May 2015. This agreement allows GrabTaxi vehicles to carry a Globe Charge terminal enabling passengers to make payments via a Visa debit, credit or prepaid card. The introduction of low-cost terminals is anticipated to encourage merchants to accept card-based payments, further driving payment card transaction volume and values.
- To provide enhanced card security, the Bangko Sentral ng Pilipinas (BSP) – the central bank of the Philippines, in November 2014, made it mandatory for banks to shift from the traditional magnetic stripe to more secure EMV chip cards by January 2017. Following this announcement, BancNet signed an agreement with Visa in February 2015 to accelerate the migration to EMV chip cards for all domestic transactions. In addition to cards, the migration process ensures that ATMs and POS terminals are compliant with the EMV standards. The increasing adoption of security measures is expected to encourage consumers to carry out more card-based transactions.
- Banks in the Philippines are offering bank accounts and debit cards enabling beneficiaries at home to receive funds to capitalize on the rising inflow of remittances from Filipinos residing abroad. A number of banks, including Banco de Oro, the Land Bank of the Philippines and the Philippines National Bank, have started offering remittance debit cards. More recently in September 2015, the Land Bank of the Philippines formed a partnership with Trans-Fast Remittance LLC, a provider of multi-currency cross-border payments solutions to enable Trans-Fast customers worldwide to make real-time instant money transfers into Land Bank accounts in the Philippines. The rising inflow of remittances is expected to increase demand for bank accounts and remittance debit cards.
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