Accept payments in the Philippines
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The Philippines Payment Market Overview
Though the population of the Philippines is the second largest in the Southeast Asia region, its share of retail sales compared to other markets is low. However, the young population and growing middle class, coupled with increased Internet connectivity especially through smartphones and government initiatives are combining to prepare the way for rapid growth. The publisher's report includes forecasts of the Philippines surpassing Singapore and Malaysia in total online retail sales by the middle of the next decade.
The majority of people in the Philippines who shop online are between the ages of 18 to 31 — members of Gen Z and Millennials who are tech-savvy and prolific social media users. Online shoppers in the Philippines tend to gravitate towards consumer electronics and gadgets, digital entertainment, clothing and footwear, as well as beauty and personal care products.
Payment Methods in the Philippines
Key Market Indicators in the Philippines
Banks in the Philippines
Mobile Carriers in the Philippines
Integrate Philippine Payment Methods
The majority of ecommerce transactions are made with cash-on-delivery and bank transfers (estimated at 30-70% depending on business and vertical) and the market is also notable for its low level of credit card use and rapid growth in mobile as a payments channel.
There is also a culture of ordering items via mobile and then paying for them in cash at convenience stores. However, the use of cash is expected to drop dramatically over the next two years.
|E-commerce market size||$5,6 billion|
|Internet penetration rate||71.4%|
|Mobile penetration rate||35%|
|Cellular technology standard||4G, 5G|
|Dual sim usage||36.4%|
|Popular mobile OS||Android|
|Big Mac Index||2.85|
|Average annual income||$5,365|
|Cagayan de Oro||675,950|