Emerging Opportunities in the Philippines' Cards and Payments Industry

From: Fast Market Research, Inc.
Published: Mon Sep 30 2013


Steady growth was recorded in the Filipino card payments channel during the review period (2008-2012), as the number of cards in circulation increased at a CAGR of 7.65%, rising from 40.8 million in 2008 to 54.8 million in 2012. This growth was primarily driven by the prepaid cards category which registered the highest growth rate at a CAGR of 17.26%. Over the forecast period (2013-2017), the number of cards in circulation is expected to increase from 58.1 million in 2013 to 72.9 million in 2017, after registering a CAGR of 5.84%. The card payments channel is dominated by four large domestic banking groups - Metrobank, Banco de Oro, Bank of the Philippine Islands (BPI), and Land Bank of the Philippines. In the debit card category, domestic banks held a collective market share of 57% in 2011. Foreign banks such as Citibank and HSBC dominate the credit card business. In terms of number of credit cards in circulation in 2011, Citibank held the highest share of 20.6% with 1.4 million cards, followed by HSBC with 10.8% and 747,676 cards.

Full Report Details at
- http://www.fastmr.com/prod/685619_emerging_opportunities_in_the_philippines_cards.aspx?afid=303

Key Highlights

* Over the forecast period, the prepaid cards category is expected to record the highest growth at a CAGR of 15.77% due to increased adoption by the government and corporate companies. The card volume will increase from 11.2 million cards in 2013 to 20.0 million in 2017.
* The cards and payments industry benefits from international remittances due to the large number of Filipinos migrating to other countries. Remittance money rose by 5.7% to US$6.9 billion in the first quarter of 2013 and it is expected to grow further as more Filipinos seek employment abroad.
* As competition intensifies, banks are implementing innovative strategies to attract new customers and retain existing ones. Shopping rebates, raffles, installment programs, discounts and freebies at partner retail merchants on credit card purchases are common tactical promotions.
* The number of card transactions was positively impacted by the interconnectivity of domestic ATM and POS terminal network operators such as MagaLink, BancNet and Expressnet. In 2010, these three domestic operators connected their POS terminals across the country.

Scope

* This report provides a comprehensive analysis of the Philippines' cards and payments industry.
* It provides current values for the Philippines' cards and payments industry for 2012 and forecast figures for 2017.
* It details the different macroeconomic, infrastructural, consumer and business drivers affecting the Philippines' cards and payments industry.
* It outlines the current regulatory framework in the industry.
* It details the marketing strategies used by various bankers and other institutions.
* It profiles the major banks in the Philippines' cards and payments industry.

Reasons to Get this Report

About Fast Market Research

Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.

For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.

You may also be interested in these related reports:

- Emerging Opportunities in Austria's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape
- Emerging Opportunities in Russia's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape
- Emerging Opportunities in Singapore's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape
- Emerging Opportunities in Cambodia's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape
- Emerging Opportunities in the US Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape
Company: Fast Market Research, Inc.
Contact Name: Bill Thompson
Contact Email: press@fastmr.com
Contact Phone: 1-413-485-7001

Visit website »