Payments and e-commerce in the Philippines

Discover how Filipinos like to shop and pay online

Philippines

General Information

Population 111.0 m
Population 15 + 78.1 m
Online population 76.0 m
Area 300,000 km²
Currency PHP
GDP 247.6 bn $US
GDP per capita 2,231 $US

Card-based payments
Cash-based payments
Bank transfer
Wallets
Other

[{"label":"Card-based payments","value":"27"},{"label":"Cash-based payments","value":"21"},{"label":"Bank transfer","value":"14"},{"label":"Wallets","value":"31"},{"label":"Other","value":"7"}]

Banked population

Philippines 37%
Asia Pacific 76%
World 67%

Credit card penetration

Philippines 2%
Asia Pacific 29%
World 19%

Internet penetration

Philippines 69%
Asia Pacific 61%
World 62%

Smartphone penetration

Philippines 71%
Asia Pacific 62%
World 70%

Internet speed has continued to improve, with the country moving up the OOKLA Speedtest ranking. The Philippines ranks 46th for fixed bandwidth (up 7) and 84th for mobile (up 4).

BNPL in the Philippines is set to grow by 109.7% in 2022 to reach 803.5 m $US, then continue to grow by 50.9% between 2022 and 2028 to be worth 9.5 bn $US. A number of Filipino BNPL firms have received extra funding and are expanding their area of operations.

Social commerce in the Philippines is set to grow by 30% in 2022 to reach 682 m $US then to increase by CAGR 27% until 2028 to reach 2.7 tr $US.

The top Filipino e-commerce site for July 2022 was shopee.ph with 71.9 m visits.

Future e-commerce trends (2021-2026)

B2C e-commerce ($US billion)

2022 9.8

2023 12.0

2024 14.3

2025 16.7

2026 19.0

E-commerce spending per capita ($US)

2022 87

2023 105

2024 122

2025 140

2026 157

E-commerce spending as % of GDP

2022 2.4%

2023 2.7%

2024 2.9%

2025 3.1%

2026 3.2%

Philippines

The E-Commerce Market

Top e-commerce segments

Electronics & Media: 45%
Food & Personal Care: 25%
Furniture & Appliances: 16%
Fashion: 10%
Toys, Hobby & DIY: 8%

Cross-border e-commerce

Cross-border proportion of total e-commerce – 15%
Value of cross-border e-commerce – 1.1 bn $US
Online shoppers who have shopped cross-border – 48%

Top 3 cross-border shopping origin markets

China
US
South Korea

B2C e-commerce growth 20->21

Philippines 66.1%

E-commerce % of total retail

Philippines 5%
Asia Pacific 29%
World 20%

E-commerce completed on a mobile device

Philippines 63%
Asia Pacific 65%
World 53%

The Credit Card Split

Visa
Mastercard
American Express
Local Schemes
Other

[{"label":"Visa","value":"18"},{"label":"Mastercard","value":"21"},{"label":"American Express","value":"3"},{"label":"Local Schemes","value":"57"},{"label":"Other","value":"1"}]

E-commerce market size 7.5 bn $US
E-commerce spending per capita 67 $US
E-commerce spending as % of GDP 2.0%

_{The information on our Insights pages has been compiled by us in cooperation with Datamatics and Wright & Brown. The data shown is partially owned by us and partially owned by GlobalData. © 2021 by PPRO Financial Ltd. No data and information can be used for any further publication without the explicit approval of PPRO.}

Philippines

Local Payment Methods

BitPay

Type Cryptocurrency Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Dragonpay

Type Bank transfer, Cash Regions Asia Pacific GrabPay

Type Wallet Regions Asia Pacific Hyperwallet

Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PayPal

Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Paysera

Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Skrill

Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High 123