The Cards and Payments Industry in the Philippines: Emerging Trends and Opportunities to 2021
NEW YORK, Jan. 31, 2017 /PRNewswire/ --
Synopsis
Timetric's 'The Cards and Payments Industry in the Philippines: Emerging Trends and Opportunities to 2021' report provides detailed analysis of market trends in the Filipino 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 (2012–2016).
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 (2017–2021). It also offers information on the country's competitive landscape, including the 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 details of regulatory policy and recent changes in the regulatory structure.
Summary
Timetric's 'The Cards and Payments Industry in the Philippines: Emerging Trends and Opportunities to 2021' report provides top-level market analysis, information and insights into the Filipino cards and payments industry, including:
- Current and forecast values for each market in the Filipino cards and payments industry, including debit, credit and charge cards.
- 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 payment methods.
- Analysis of various market drivers and regulations governing the Filipino 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 in the Filipino cards and payments industry.
Scope
- This report provides a comprehensive analysis of the Filipino cards and payments industry.
- It provides current values for the Filipino cards and payments industry for 2016, and forecast figures to 2021.
- It details the different demographic, economic, infrastructural and business drivers affecting the Filipino 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 Filipino cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Filipino cards and payments industry.
- Assess the competitive dynamics in the Filipino cards and payments industry.
- Gain insights into marketing strategies used for various card types in the Philippines.
- Gain insights into key regulations governing the Filipino cards and payments industry.
Key Highlights
- The central bank, in November 2014 made it mandatory for banks to shift from the traditional magnetic stripe to more secure Europay, MasterCard, and Visa (EMV) chip cards by January 2017. Following the 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 EMV standards. The increasing adoption of security measures is expected to encourage consumers to carry out more card-based transactions.
- The Filipino government in June 2016 approved a new bill aimed at regulating the credit card market by bringing it under the regulatory control of the central bank. The proposal will be enacted into law once it receives approval from the President. It will empower the central bank to supervise all credit card issuers and acquirers operating in the country. It also mandates credit card issuers to reveal the number of potential and current cardholders and list all fees charged for late payments. Violation of this regulation attracts a fine of US$1,060.2–4,240.9 (PHP50,000–200,000) or imprisonment of two-to-10 years, or both, as determined by the central bank's monetary board.
- Due to growing credit card debt, the central government and Credit Card Association of the Philippines launched an Interbank Debt Relief Program in June 2016. The program was developed to help those in debt by offering affordable repayment plans, lower interest rates and reducing the equal monthly amortization, thereby preventing further deferral of payments. For individuals in deep debt, the repayment period can be extended by up to 10 years, with monthly interest rates at 1.5% or lower. In March 2016, six new credit bureaus were given permission to begin operating in 2017. Of the six, five are foreign companies – Compuscan (South Africa), Dun and Bradstreet (US), Crif (Italy), TransUnion (US) and Credit Bureau Singapore.
Read the full report: http://www.reportlinker.com/p03755026-summary/view-report.html
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