Market Research Report
Top Mobile Payment Service Providers in the Philippines 2020 and their Reaction to the COVID-19 Crisis
|Published by||yStats.com GmbH & Co. KG||Product code||975922|
|Published||Content info||43 Pages
Delivery time: 1-2 business days
|Top Mobile Payment Service Providers in the Philippines 2020 and their Reaction to the COVID-19 Crisis|
|Published: December 7, 2020||Content info: 43 Pages||
"The spread of COVID-19 brings growth in mobile payments in the Philippines", says yStats.com.
The retail market in the Philippines is still heavily dominated by traditional payment methods such as cash, but digital wallets are gaining popularity during the pandemic. Meanwhile, bank account penetration rises at a much slower pace, compared to the E-Wallets, as reported in the yStats.com publication. Hence, to meet the needs of the consumers in the country, the Government of the Philippines introduced InstaPay and PESONet, electronic funds transfer services, that have been flourishing on the market especially during the health crisis.
Other interesting facts highlighted in the yStats.com report include the number of users registered with the top mobile payment service providers in the Philippines: GCash, PayMaya, and the blockchain-based Coins PH. GCash, the most popular digital wallet in the country, has managed to increase its user base by 30% over that past 10 months. Coins PH doubled its subscriber numbers during the COVID-19 outbreak. Overall, about nine-tenths of internet users in the Philippines noticed a rise in the use of online payment platforms, while over a quarter opened a new account in the past several months, as detailed in the yStats.com report.
InstaPay, PESONet, Globe Telecom Inc, PayMaya Philippines Inc., Coins PH.