Philippines Prepaid Card Market

Philippines Prepaid Card Market Overview:

The Philippines prepaid card market is projected to exhibit a growth rate (CAGR) of 7.50% during ​2024-2032​. The market is mainly driven by the growing e-commerce sector because of the increasing internet penetration, along with the rising reliance on mobile phones for carrying out day to day activities.

Philippines Prepaid Card Market Trends:

Rising E-Commerce Market Sales

As per the article published in 2024 on the website of the International Trade Administration (ITA), the Philippines’ eCommerce market sales reached $17 billion, largely contributed by 73 million online active users in 2021. Online stores often incorporate electronic payments in their operations. Although credit and debit cards are widely used for online purchases, not everybody has access to the conventional banking products. Prepaid cards offer an alternative payment method for individuals without credit cards or bank accounts, enabling them to participate in online shopping. Additionally, people who use prepaid cards while shopping online can easily manage the amount of money to spend. This budgeting feature appeals to budget-conscious people and those looking to control their online shopping habits.

In line with this, the use of prepaid cards is a convenient and flexible ways of making payments in the internet shops. They can be bought from many retail outlets, filled with cash and used online without a bank account and credit check. This makes the use of prepaid cards convenient for many people participating in e-commerce transactions.

Growing Numbers of Mobile Subscribers

An article published in 2024 on the website of the International Trade Administration (ITA) shows that Philippine telecommunication companies recorded 159 million mobile subscribers in 2022. With the increasing penetration of smartphones and mobile internet connectivity, mobile payments are becoming more prevalent in the Philippines. Prepaid cards can be linked to mobile payment platforms or digital wallets, allowing users to make purchases, pay bills, and transfer funds using their mobile devices. Furthermore, mobile-based emittance services are gaining popularity in the Philippines, allowing users to send and receive money using their mobile phones. Prepaid cards are frequently utilized as a tool for the receipt of remittances, as funds are deposited directly on the card for convenience and utility. With increased use of mobile remittance services, prepaid cards are seen as convenient and secure instruments for receiving and disbursing remittance payments.

In addition, the rise of mobile commerce is catalyzing the demand for prepaid cards as a payment method for mobile purchases. Prepaid cards can be used to purchase applications, games, music, movies, and pay for services through a mobile application. This convenience and ease of use in making payment through the prepaid cards is contributing to the use of mobile payments, which is bolstering their adoption among mobile subscribers.

Philippines Prepaid Card Market News:

• January 23, 2023: Smart Communications announced partnership with all-in-one money app Maya to enable its postpaid subscribers to increase their savings faster.
• November 29, 2023: GCash, the Philippines-based financial super app, planned global B2B expansion with worldwide payment acceptance for Filipinos.
   

Philippines Prepaid Card Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for ​2024-2032​. Our report has categorized the market based on card type, purpose and vertical.

Card Type Insights:

• Closed Loop Cards
• Open Loop Cards
   

The report has provided a detailed breakup and analysis of the market based on the card type. This includes closed loop cards and open loop cards.

Purpose Insights:

• Payroll/Incentive Cards
• Travel Cards
• General Purpose Reloadable (GPR) Cards
• Remittance Cards
• Others
   

A detailed breakup and analysis of the market based on the purpose have also been provided in the report. This includes payroll/incentive cards, travel cards, general purpose reloadable (GPR) cards, remittance cards, and others.

Vertical Insights:

• Corporate/Organization
• Retail
• Government
• Others
   

The report has provided a detailed breakup and analysis of the market based on the vertical. This includes corporate/organization, retail, government, and others.

Regional Insights:

• Luzon
• Visayas
• Mindanao
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Luzon, Visayas, and Mindanao.  

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Philippines Prepaid Card Market Report Coverage:

Key Questions Answered in This Report:

• How has the Philippines prepaid card market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Philippines prepaid card market?
• What is the breakup of the Philippines prepaid card market on the basis of card type?
• What is the breakup of the Philippines prepaid card market on the basis of purpose?
• What is the breakup of the Philippines prepaid card market on the basis of vertical?
• What are the various stages in the value chain of the Philippines prepaid card market? 
• What are the key driving factors and challenges in the Philippines prepaid card?
• What is the structure of the Philippines prepaid card market and who are the key players?
• What is the degree of competition in the Philippines prepaid card market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Philippines prepaid card market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Philippines prepaid card market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Philippines prepaid card industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.