The credit card penetration in the Philippines was forecast to continuously increase between 2024 and 2029 by in total **** percentage points. After the twelfth consecutive increasing year, the credit card penetration is estimated to reach **** percent and therefore a new peak in 2029. The penetration rate refers to the share of the total population who use credit cards.The shown data are an excerpt of Statista's Key Market Indicators (KMI). The KMI are a collection of primary and secondary indicators on the macro-economic, demographic and technological environment in up to *** countries and regions worldwide. All indicators are sourced from international and national statistical offices, trade associations and the trade press and they are processed to generate comparable data sets (see supplementary notes under details for more information).Find more key insights for the credit card penetration in countries like Thailand and Cambodia.

The credit card penetration in Thailand was forecast to continuously increase between 2024 and 2029 by in total 36.8 percentage points. After the fifteenth consecutive increasing year, the credit card penetration is estimated to reach 67.53 percent and therefore a new peak in 2029. Notably, the credit card penetration of was continuously increasing over the past years.The penetration rate refers to the share of the total population who use credit cards.The shown data are an excerpt of Statista's Key Market Indicators (KMI). The KMI are a collection of primary and secondary indicators on the macro-economic, demographic and technological environment in up to 150 countries and regions worldwide. All indicators are sourced from international and national statistical offices, trade associations and the trade press and they are processed to generate comparable data sets (see supplementary notes under details for more information).Find more key insights for the credit card penetration in countries like Malaysia and Philippines.

The debit card penetration in the Philippines was forecast to continuously increase between 2024 and 2029 by in total 7.5 percentage points. After the fifteenth consecutive increasing year, the debit card penetration is estimated to reach 40.26 percent and therefore a new peak in 2029. Notably, the debit card penetration of was continuously increasing over the past years.The penetration rate refers to the share of the total population who use debit cards.The shown data are an excerpt of Statista's Key Market Indicators (KMI). The KMI are a collection of primary and secondary indicators on the macro-economic, demographic and technological environment in up to 150 countries and regions worldwide. All indicators are sourced from international and national statistical offices, trade associations and the trade press and they are processed to generate comparable data sets (see supplementary notes under details for more information).Find more key insights for the debit card penetration in countries like Cambodia and Singapore.

Credit card payments accounted for ** percent of the total e-commerce transaction value in 2024, which was lower than the previous year. However, the use of credit cards in online shopping transactions is forecast to decline in 2030.

Actual value and historical data chart for Philippines Credit Card Percent Age 15

Credit and charge card payments in the Philippines reached approximately *** trillion Philippine pesos in 2023, indicating growth from the previous year. Shifting consumer attitude towards non-cash payments was seen to boost card payment transactions in the country.

The credit card penetration in Malaysia was forecast to continuously decrease between 2024 and 2029 by in total *** percentage points. After the seventh consecutive decreasing year, the credit card penetration is estimated to reach **** percent and therefore a new minimum in 2029. The penetration rate refers to the share of the total population who use credit cards.The shown data are an excerpt of Statista's Key Market Indicators (KMI). The KMI are a collection of primary and secondary indicators on the macro-economic, demographic and technological environment in up to *** countries and regions worldwide. All indicators are sourced from international and national statistical offices, trade associations and the trade press and they are processed to generate comparable data sets (see supplementary notes under details for more information).Find more key insights for the credit card penetration in countries like Philippines and Vietnam.

In 2023, card payment transactions in the Philippines were valued at *** trillion Philippine pesos. This figure was forecast to reach *** trillion in 2024. As a cash-dependent population, increased card transactions contribute to the goal of the central bank to achieve a cash-lite economy in the upcoming years.

The credit card penetration in Singapore was forecast to continuously increase between 2024 and 2029 by in total 3.5 percentage points. According to this forecast, in 2029, the credit card penetration will have increased for the eighth consecutive year to 47.51 percent. The penetration rate refers to the share of the total population who use credit cards.The shown data are an excerpt of Statista's Key Market Indicators (KMI). The KMI are a collection of primary and secondary indicators on the macro-economic, demographic and technological environment in up to 150 countries and regions worldwide. All indicators are sourced from international and national statistical offices, trade associations and the trade press and they are processed to generate comparable data sets (see supplementary notes under details for more information).Find more key insights for the credit card penetration in countries like Cambodia and Philippines.

The Philippines E-Commerce Market Report is Segmented by Business Model (B2B, and B2C), Payment Mode for B2C E-Commerce (Debit/Credit Cards, Mobile Wallets, and More, Product Category for B2C E-Commerce (Beauty and Personal Care, Consumer Electronics, and More), and Device Type for B2C E-Commerce (Smartphones, Desktops/Laptops, and More). The Market Forecasts are Provided in Terms of Value (USD).

As of January 2025, the value of outstanding credit card loans granted by universal and commercial banks in the Philippines reached roughly *** billion Philippine pesos. In contrast, salary-based general purpose consumption loans accounted for the lowest value of loans as of that period. Bank account ownership in the Philippines Based on Statista estimates, the credit card penetration rate in the Philippines has gradually increased since 2018. However, this accounts for only a minimal share of the population, as the country remains to have one of the lowest banked population share in the entire Asia-Pacific region. Among the population with a formal account from a financial provider, a larger share of the population has an e-money account than a bank account. Leading universal and commercial banks  Universal and commercial banks offer vast financial services, including deposit and checking services, investment and mutual funds, and housing loans, among others. These types of banks also had the highest bank footprint in the Philippines, which was higher than thrift banks and rural and cooperative banks combined. As of the fourth quarter of 2023, BDO Unibank Inc (BDO) emerged as the largest universal bank in the Philippines based on the value of deposits.

Debit card payments in the Philippines reached approximately *** trillion Philippine pesos in 2023, indicating growth from the previous year. Shifting consumer attitudes towards non-cash payments was seen to boost card payment transactions in the country.

In 2024, credit card payments amounted to around ** percent of e-commerce and ** percent of point-of-sale (POS) payment value in Japan. In comparison, credit card payments took up approximately **** percent of e-commerce and about ** percent of POS transaction value in China in 2024.

The Philippines is among the countries in Southeast Asia seeing sustained growth in mobile payment transactions. In 2023, GCash accounted for ** percent of the total mobile wallet application market. Meanwhile, its closest competitor, Maya, held a **** percent share. The rise of mobile wallets in the Philippines Alternative payment services have given Filipinos access to financial services usually provided only by banks. In particular, most Filipinos with a formal account in 2021 said they have an e-money account, compared to those with a bank account. E-money, which is stored in a digital wallet or on a card, enables users to easily make in-store payments as well as transfer and receive money online. In the Philippines, GCash had the highest monthly active users in 2022, followed by Maya. The popularity of such banking options is reflected in the forecast number of mobile wallet users in the country. Consumer preference for e-payment methods  A 2022 survey among Filipino consumers reflected a growing interest in using digital payment methods, especially due to its convenience, easy-to-use platforms, and fast transactions. The same survey revealed that GCash and PayPal were the leading e-payments or e-wallets used in the Philippines.

Concerning the three selected segments, the segment digital payments has the largest penetration rate with 11.99 percent. Contrastingly, mobile POS payments are ranked last, with 9.59 percent. Find other insights concerning similar markets and segments, such as a ranking of subsegments in Brazil regarding number of users in the segment Digital Payments and a ranking of subsegments in the Philippines regarding number of users in the segment Digital Payments.The Statista Market Insights cover a broad range of additional markets.

According to a 2023 survey among Filipino adults, cash and mobile wallets had an equal share of users at ** percent. Meanwhile, ** percent of survey respondents said they used contactless cards to pay for their transaction.

The Philippines’ digital payments market reached an estimated 83 billion U.S. dollars in revenue in 2024, marking a clear increase from the previous year. This market is expected to continue expanding in the coming years. Key drivers of growth Rapid e-commerce expansion, mobile wallet adoption, and supportive government policies are collectively accelerating digital payment uptake. In 2024 alone, digital payment volume soared by 300 percent compared to 2019, marking a fundamental shift from traditional cash transactions. The rise of mobile wallets Mobile wallets have been central to this shift. The country’s high smartphone penetration has enabled mobile wallets like GCash and Maya to dominate the space, transforming not just shopping but also investments and money management. Government disbursements are highly digitalized, but digital payments from businesses lag far behind, signaling an untapped opportunity for further digital integration in business payment transactions.

Efforts to digitalize payment transactions in the Philippines increased the volume of digital payments recently, especially in retail shopping. In 2024, digital payments accounted for 57.4 percent of the total volume of monthly retail payments, a significant increase from just one percent in 2013. Leading digital payment methods The introduction of digital payment options for retail shopping in the Philippines created a diverse landscape of payment methods. Although cash payments continue to take the bulk of payment transactions in the country, a recent survey indicates that a growing number of Filipino shoppers are slowly adopting mobile wallets and online card payments. As reflected in a recent survey, the attitudes toward cashless payments among Filipinos have gradually changed, with most respondents stating that they view cashless as a safer way to pay. Digital all the way Digital payments took a massive boost during COVID-19 as consumers were confined to their homes, and concerns about the sanitary handling of cash were at an all-time high. Between 2020 and 2021, the transaction value of digital payments in the Philippines grew by over 28 percent. It was estimated to continue increasing in the next six years.

According to a 2022 survey on consumer payment behavior, ** percent of respondents in the Philippines indicated that an easy use of the app was the main reason for using buy-now-pay-later (BNPL) plans. Another ** percent of respondents indicated that they chose BNPL plans because they can be used without having a credit card.