Top Mobile Payment Service Providers in the Philippines 2020 and their Reaction to the COVID-19 Crisis code:1508

Top Mobile Payment Service Providers in the Philippines 2020 and their Reaction to the COVID-19 Crisis
OVERVIEW
TABLE OF CONTENTS
COMPANIES MENTIONED
Countries Covered: Philippines
Pages: 43
Publication Date: 07/12/2020
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Questions Covered in the report:
  • What is the impact of the COVID-19 crisis on mobile payment services in the Philippines?
  • How did the COVID-19 crisis impact GCash’s activity in the Philippines?
  • What is the COVID-19 impact on consumers’ attitude towards digital payment methods in the Philippines?
  • What are the PESONet and InstaPay transaction values in the Philippines during the pandemic?
  • How is the E-Money usage value in the Philippines expected to change?

Key Findings:

In the Philippines, online payments boosted by COVID-19

The Philippines online payment market is promising yet still developing during the health crisis

Worldwide, the online payment market surged after the onset of the coronavirus. However, consumers in the Philippines still heavily rely on cash, even when it comes to E-Commerce. According to figures cited in the new yStats.com report, about four in ten consumers in the country choose cash to pay for goods and services ordered online. Nevertheless, the market tends to the adoption of online and mobile payments, as the number of new E-Wallet accounts has risen sharply. This market characteristic prompted the government of the Philippines to introduce InstaPay and PESONet, electronic funds transfer services targeting different customer groups but serving one purpose – to satisfy the needs of the local market to conduct payments online.

COVID-19 restrictions gave rise to consumer adoption of online payments in the Philippines

As stated in a recent survey cited in the new yStats.com report, Internet users in the Philippines became significantly more open to digital payments, as almost nine-tenths stated that they noticed an increase in the use of digital payment platforms amid the COVID-19 health crisis, and a significant number opened a new account during the past several months. Additionally, the growth rate of real-time transaction volume in the Philippine outpaces the largest economies in the region.

During the coronavirus pandemic, local digital wallets in the Philippines are gaining momentum

The COVID-19 health crisis and the imposed restrictions accelerated the adoption of online payments in the Philippines so that the most popular E-Wallet in the country, GCash, could boost its user base by 30% in November 2020, compared to the end of 2019. Blockchain-based Coins PH, furthermore, has managed to double its user figures during the pandemic, as reported in the yStats.com publication. Additionally, in cooperation with the Government, PayMaya enabled contactless payments on public transport in the Philippines, to help curb the pandemic by reducing cash in circulation.

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1. Management Summary

2. Overview

  • COVID-19’s Impact on Mobile Payment Services, December 2020
  • Country’s Profile Compared to the Region’s and the World’s Average, March 2020
  • Account Penetration, by Types of Account, incl. Accounts with Microfinance NGOs, Bank Accounts, and E-Money Accounts, in % of Adults, 2017 & 2019
  • Value of Electronic Money Transactions, in PHP trillion, 2018 & 2019
  • Mobile Phones Owners, Internet Users, and Financial Transactions performed via Mobile Phones and the Internet, in % of Respondents, 2019
  • E-Money Usage Value, by Type of Usuage, in PHP million, 2017 – 2020e & 2021f
  • Breakdown of E-Commerce Payment Methods, incl. Bank Transfers, Cards, Cash, Digital Wallets, in % of Total Payments, March 2020
  • E-Commerce Payments Value, in PHP billion, and Year-on-Year Change, in %, 2018-2023f
  • Volume and Value Y-o-Y Growth in Real-Time Transactions, by Selected Counties, incl. Australia, India, and the Philippines, in %, September 2020
  • COVID-19 Impact on Consumers’ Attitude towards Digital Payment Methods, in % of Internet Users, May 2020 – August 2020

3. Competitors

  • Profile of InstaPay and COVID-19’s Impact on its Activity, December 2020
  • InstaPay Transaction Value, in PHP billion, and Transaction Volume, in millions, January 2020 & June 2020
  • Profile of PESONet and COVID-19’s Impact on its Activity, December 2020
  • PESONet Transaction Value, in PHP billion, and Transaction Volume, in millions, September 2019 & September 2020
  • Profile of Coins PH and COVID-19’s Impact on its Activity, December 2020
  • Profile of ING Pay, December 2020

4. GCash

  • Profile of GCash in The Philippines, December 2020
  • COVID-19’s Impact on GCash’s Activity, December 2020
  • GCash Transaction Value, in PHP billion, July 2019 & July 2020
  • GCash Monthly Desktop and Mobile Web Visits, in millions, and Month-on-Month Growth Rate, in % of Monthly Visits, May 2020 – October 2020

5. PayMaya

  • Profile of PayMaya in The Philippines, December 2020
  • COVID-19’s Impact on PayMaya’s Activity, December 2020
  • PayMaya‘s Yearly Gross Transaction Value, in PHP trillions, 2019 & 2020f
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  • Coins PH
  • Globe Telecom Inc
  • InstaPay
  • PESONet
  • PayMaya Philippines Inc.
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