Philippines Prepaid Card and Digital Wallet Business and Investment Opportunities Databook – Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend

Philippines Prepaid Card and Digital Wallet Business and Investment Opportunities Databook – Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend

Report Description

The rise of the cashless economy surged the prepaid card market in the Philippines in the last four to six quarters. According to PayNXT360’s Q4 2021 Global Prepaid Card Survey, close to 38% of the consumers started using digital payment methods for the first time since the onset of Covid-19. Moreover, there have been efforts on the government's side to drive the country towards a cashless economy. For instance, for the financial inclusion of underserved populations, the Central Bank of the Philippines employed various micro-banking offices, e-money issuers, and remittance agents. Resultantly, the circulation of prepaid cards in the country also increased.

Fintech players are entering the flourishing prepaid card market in the Philippines

The Philippines has a massive unbanked population, with over two-thirds of the adult population – more than 50 million adults – without any bank account. This has invited leading fintech companies to enter the country with a focus on digital transformation as a strategic imperative. For instance,
India-based payments solution company, Pine Labs, announced in December 2020 that the company would be expanding its product offerings to the overseas market, including the Philippines, in 2021.
Moreover, the company acquired Qwikcilver, a gift card solutions company, in 2020, and the company will launch the prepaid payment instrument for Filipinos via its subsidiary company.

Prepaid card providers are adopting QR Ph for the Filipino merchants

Prepaid card providers are taking initiatives to transform the cash-heavy economy into a cash-lite, following the footsteps of the Central bank of the Philippines. For instance,
In April 2021, PayMaya, a digital wallet and prepaid card provider introduced QR Ph for its merchant partners.
With the new payment scheme, enterprises will offer consumers a convenient digital payment option as the merchants can accept QR payments regardless of their customers' bank or e-wallet accounts.
Similarly, consumers will experience more convenient transactions as they no longer need to have different apps to scan-to-pay a merchant's QR code.
PayMaya has rolled out the maximum number of QR Ph P2M acceptance points across its enterprise base. Notably, in November 2021, the company has more than 160,000 online and on-ground touchpoints, which include large companies, government agencies, as well MSMEs.

GrabPay partnered with Mastercard to launch digital prepaid card
In June 2021, super app, GrabPay, launched their GrabPay Card in the Philippines in partnership with Mastercard.
The digital GrabPay card will provide the users with secured card transactions, hassle-free online payments, and the opportunity to earn rewards.
The user can operate the GrabPay card via the Grab app.

According to PayNXT360, the prepaid card market (value terms) in the Philippines increased at a CAGR of 8.7% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 11.0%, increasing from US$3.21 billion in 2022 to reach US$4.86 billion by 2026.

This report provides a detailed data centric analysis of prepaid payment instruments, covering spend through prepaid cards and digital wallets across retail and corporate consumer segments. In addition, it provides a snapshot of consumer behaviour and retail spend dynamics in the Philippines. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.
Market dynamics: Provides a comprehensive view on size and structure, industry dynamics, market trends, consumer attitude and behaviour, and competitive landscape in prepaid card and digital wallet industry in the Philippines.
Digital wallet segments: Provides value, volume and average value per transaction across 5 key spend categories in digital wallet. This includes retail, travel, entertainment and gaming, restaurant, and recharge and bill payment.
Open loop and closed loop prepaid cards: market estimates and forecasts to assess opportunities 13 open loop and closed loop prepaid market segments. Details four essential KPIs – number of cards in circulation, number of transactions, load value, and value of transactions.
Consumer attitude and behaviour: Drawing from proprietary survey results, this report identifies and interprets key prepaid KPIs, including spend by age, gender, and income level.
Retail spend: Breaks down retail spend across 11 categories to provide detailed insights on consumer behaviour and changing dynamics of prepaid card spend.

Scope

This report provides a detailed data centric analysis of prepaid payment instruments, covering spend through prepaid cards and digital wallets across retail and corporate consumer segments. In addition, it provides a snapshot of consumer behaviour and retail spend dynamics in Philippines. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.

Philippines Digital Wallet Market Size and Forecast
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction

Philippines Digital Wallet Market Size and Forecast by Key Segments
Retail Shopping (Value, Volume, Avg. Value)
Travel (Value, Volume, Avg. Value)
Entertainment and Gaming (Value, Volume, Avg. Value)
Restaurant (Value, Volume, Avg. Value)
Recharge and Bill Payment (Value, Volume, Avg. Value)

Philippines Prepaid Card Industry Market Attractiveness
Load Value Trend Analysis
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction
Number of Cards

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

Market Share Analysis by Prepaid Card Categories

Philippines Open Loop Prepaid Card Future Growth Dynamics, 2016 – 2025
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction
Number of Cards

Philippines Closed Loop Prepaid Card Future Growth Dynamics, 2016 – 2025
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction
Number of Cards

Philippines Prepaid Card Consumer Usage Trends
By Age Group
By Income Group
By Gender

Philippines General Purpose Prepaid Card Market Size and Forecast

Philippines Gift 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 Consumer Segment
By Corporate Consumer Segment
Gift Card Market Share Analysis by Retail Categories
Gift Card Market Share Analysis by Gifting Occasion
Gift Card Market Share Analysis by Purchase Location

Philippines Entertainment and Gaming Prepaid Card Market Size and Forecast

Philippines Teen and Campus Prepaid Card Market Size and Forecast
Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute
By Open Loop Teen and Campus Prepaid Card
By Closed Loop Teen and Campus Prepaid Card

Philippines Business and Administrative Expense Prepaid Card Market Size and Forecast
Business and Administrative Expense Prepaid Card Market Size and Forecast by Consumer Segments
By Small Scale Business Segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment

Philippines Payroll Prepaid Card Market Size and Forecast
Payroll Prepaid Card Market Size and Forecast by Consumer Segments
By Small Scale Business Segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment

Philippines Meal Prepaid Card Market Size and Forecast
Meal Prepaid Card Market Size and Forecast by Consumer Segments
By Small Scale Business Segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment

Philippines Travel Forex Prepaid Card Market Size and Forecast
Travel Forex Prepaid Card Market Size and Forecast by Consumer Segments
By Retail
By Small Scale Business Segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment

Philippines Transit and Tolls Prepaid 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 Fuel Prepaid Cards Market Size and Forecast

Philippines Utilities, and Other Prepaid Cards Market Size and Forecast

Reasons to buy
In-depth understanding of prepaid card and digital wallet market dynamics: Understand market opportunity, industry dynamics, key trends and drivers across 75+ market segments and sub-segments of prepaid payment instrument in Philippines.
Develop market specific strategies: Identify growth segments and target specific opportunities to formulate your prepaid card and digital wallet strategy; assess market specific key trends, drivers and risks in the industry.
Get insights into consumer attitude and behaviour: Understand changing consumer attitude and behaviour and boost ROI. Get detailed insights into retail spend through prepaid cards and digital wallets.