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Manila Bulletin devider Business devider Banking & Finance devider Philippines surges in digital payments, ranks second in Southeast Asia

Philippines surges in digital payments, ranks second in Southeast Asia

Published Sep 17, 2024 03:49 am

The Philippines is experiencing a significant surge in the digital payment sector, according to digital and physical financial solutions provider UnaCash.

In a statement, UnaCash revealed that the country ranks second in Southeast Asia for the number of point-of-sale (POS) users aged 15 and older, with a 33.1 percent share as of July 2024.

This growth has been attributed to the rise in mobile commerce and the proliferation of POS kiosks in the new decade.

UnaCash reported that this figure exceeds the 3.2 percent of transaction users recorded in September 2018.

Erwin Ocampo, UnaCash head of product, believes that the adoption of new POS methods reflects the widespread digitalization and mobile payment trends in the Philippines. He stated, “The development of self-service kiosks and enhanced e-commerce platforms have further contributed to this significant rise.”

Indonesia leads the region with the highest share of POS usage at 67.5 percent, driven by nationwide cloud technology implementation, a thriving e-commerce sector, and strong interest in digital payments.

Meanwhile, Vietnam, Malaysia, and Singapore are in the early stages of developing their purchase point markets.

In addition to mobile-based payments, there has been a growing interest in the “buy now, pay later” (BNPL) scheme, which has expanded by 9.6 percent since 2018. This trend indicates that many Filipinos are seeking flexible payment options.

“There is a stable share of BNPL users at 24.7 percent, placing it among the top three countries in Southeast Asia. For users aged fifteen and above, a 3.3 percent increase was reflected monthly from September 2018 until July 2024,” UnaCash reported.

Ocampo explained that these developments would benefit businesses and investors, providing opportunities to expand the digital economy in the Philippines.

“It's quite evident that in the local market, there is a growing appetite for BNPL services, driven by increased e-commerce and a rising preference for convenient financial options,” Ocampo said.

Singapore leads in BNPL user share at 75.4 percent, followed by Vietnam at 24.9 percent. Countries with lower shares of users opting for flexible payment options include Malaysia, Thailand, Brunei, and Cambodia.

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