Prepaid Card Markets and Investment in the Philippines

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Dublin, October 29, 2021 (GLOBE NEWSWIRE) – The report “Philippines Prepaid Cards Business and Investment Opportunities – Market Size and Forecast (2016-2025), Consumer Attitude & Behavior, Retail Spend, Market Risk” has been added to ResearchAndMarkets.com offer.

According to the Global Prepaid Card Survey for the second quarter of 2021, the prepaid card market in the Philippines is expected to grow 17.7% on an annual basis to reach $ 3,827.8 million in 2021.

The prepaid cards market is expected to grow over the forecast period, registering a CAGR of 13.0% during 2021-2025. The prepaid card market in the Philippines will grow from US $ 3,251.5 million in 2020 to US $ 5,310.3 million by 2025.

Cash is the most popular payment instrument in the Philippines. However, thanks to the efforts of the Central Bank of the Philippines and the initiatives of the government, the share of cash transactions has declined significantly in recent 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 example, the government has employed several offices of micro-banks, electronic money issuers and money transfer agents to ensure that underserved or unserved areas of the Philippines have access to financial services. As a result, the number of prepaid cards in circulation has increased dramatically in recent years in the Philippines.

Global players seeking to enter the growing prepaid card segment in the Philippines:

The Philippines is an attractive market with high growth potential for global players looking to increase their market share in Southeast Asia. With the growing adoption of prepaid cards and a higher percentage of the unbanked population, the Philippine market is a given to financial services players looking to expand their product offering in the country. For example,

In December 2020, India-based payment solutions company Pine Labs announced that the company was looking to expand its product offering into overseas markets, including the Philippines. Pine Labs announced that the company plans to launch prepaid vouchers and gift card solutions for Filipino consumers by mid-2021. The payment solutions company will launch the prepaid payment instrument for Filipinos through its subsidiary Qwikcilver, which it acquired in 2020.

Prepaid card providers integrating QR Ph for merchants in the Philippines:

To accelerate the adoption of cashless in the country and stimulate the growth of its prepaid card segment, the digital wallet provider, PayMaya, integrated QR Ph for its partner merchants in May 2021. With this deployment of the national code standard Rapid response, merchants in the country will accept contactless payments from all digital wallets in the country. This means that merchants will no longer have to use multiple QR codes. They can offer their customers a more streamlined shopping experience through their partnership with PayMaya.

Scope:

Attractiveness of the prepaid card industry market in the Philippines

  • Trend analysis of the load value
  • Analysis of transaction value trends
  • Analysis of transaction volume trends
  • Average value per transaction
  • Number of cards

Market Share Analysis by Functional Attributes – Open Loop vs. closed loop, 2016 – 2025

Future growth dynamics of prepaid open-loop cards in the Philippines, 2016 – 2025

  • Analysis of transaction value trends
  • Analysis of transaction volume trends
  • Average value per transaction
  • Number of cards

Future Growth Dynamics of Closed Loop Prepaid Cards in the Philippines, 2016 – 2025

  • Analysis of transaction value trends
  • Analysis of transaction volume trends
  • Average value per transaction
  • Number of cards

Trends in the use of prepaid cards in the Philippines

  • By age group
  • By income group
  • By gender

Philippines General Purpose Prepaid 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 consumption segment
  • By business consumption segment

Gift Card Market Share Analysis by Retail Category

Gift Card Market Share Analysis by Gift Occasion

Gift Card Market Share Analysis by Place of Purchase

Philippines Entertainment and Gaming Prepaid Cards Market Size and Forecast

Teen and Campus Prepaid Cards Market Size and Forecast by Functional Attribute

  • By Open Loop Teen and Campus prepaid card
  • By prepaid card for teenagers and closed-loop campus

Commercial and Administrative Fee Prepaid Cards Market Size and Forecast by Consumer Segments

  • By small-scale business segment
  • By intermediate business segment
  • By business segment
  • By government segment

Prepaid Payroll Cards Market Size and Forecast by Consumer Segments

  • By small-scale business segment
  • By intermediate business segment
  • By business segment
  • By government segment

Prepaid Meal Cards Market Size and Forecast by Consumer Segments

  • By small-scale business segment
  • By intermediate business segment
  • By business segment
  • By government segment

Travel Forex Prepaid Cards Market Size and Forecast by Consumer Segments

  • By retail
  • By small-scale business segment
  • By intermediate business segment
  • By business segment
  • By government segment

Philippines prepaid transit and toll 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 Prepaid Card Market Size and Forecast

Philippine Utilities Market Size and Forecast and Other Prepaid Cards

For more information on this report, visit https://www.researchandmarkets.com/r/hli9mb


        

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