Free Submission Public Relations & NewsPR-inside.com
Home
Deutsch English

Finance
Emerging Opportunities in the Philippines’ Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape

Philippines card payments market: Cards in circulation reached over 54 million in2 012


Print article Print article
© companiesandmarkets.com

companiesandmarkets.com
companiesandmarkets.com
2014-01-22 10:11:01 - Emerging Opportunities in the Philippines’ Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape - a new market research report on companiesandmarkets.com

Steady growth was recorded in the Philippines card payments market 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.

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.

Click for report details: www.companiesandmarkets.com/Market/Finance-and-Banking/Market-Re ..

Browse all Finance and Banking Market Research Reports www.companiesandmarkets.com/Market/Finance-and-Banking/Market-Re ..

Browse all Finance and Banking Company Profile Reports www.companiesandmarkets.com/Market/Finance-and-Banking/Company-P ..

Browse all Latest Market Research Reports www.companiesandmarkets.com/Market/All/Market-Research?aCode=f3f ..

About Us
Companiesandmarkets.com is a leading online business information aggregator with over 300,000 market reports and company profiles available to our clients. Our extensive range of reports are sourced from the leading publishers of business information and provide clients with the widest range of information available. In terms of company profiles, Companiesandmarkets.com’s online database allows clients access to market and corporate information to over 100,000 different companies. We provide clients with a fully indexed database of information where clients can find specific market reports on their niche industry sectors of interest.


Author:
Mike King
e-mail
Web: www.companiesandmarkets.com
Phone: London: +44 (0) 203 086 8600

Disclaimer: If you have any questions regarding information in these press releases please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims contents contained in this release.
Latest News
Read the Latest News
www.newsenvoy.com

 


Terms & Conditions | Privacy | About us | Contact PR-inside.com