Market Research Hub (MRH) has actively included a new research study titled Payments Landscape in the Philippines: Opportunities and Risks to 2022 to its wide online repository. The concerned market is discoursed based on a variety of market influential factors such as drivers, opportunities and restraints. This study tends to inform the readers about the current as well as future market scenarios extending up to the period until forecast period limit; 2022. In addition, a deep analysis of the competitive landscape, including prime market players is also enclosed in this report.
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Payments Landscape in the Philippines: Opportunities and Risks to 2022
GlobalDatas “Payments Landscape in the Philippines: Opportunities and Risks to 2022”, report provides detailed analysis of market trends in the Filipino cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, and cheques during the review-period (2014-18e).
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2018e-22f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.
The report brings together GlobalDatas research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.
This report provides top-level market analysis, information and insights into the Filipino cards and payments industry, including –
– Current and forecast values for each market in the Filipino cards and payments industry, including debit, credit, and charge cards.
– Detailed insights into payment instruments including cash, cards, and cheques. It also, includes an overview of the country’s key alternative payment instruments.
– E-commerce market analysis.
– Analysis of various market drivers and regulations governing the Filipino cards and payments industry.
– Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
– In an effort to boost electronic payments, in April 2018 the BSP launched an instant payment service – InstaPay – under the National Retail Payment System (NRPS) framework. The service is available 24/7, 365 days a year. Users can transfer funds of up to PHP50,000 ($999.11) per transaction in a day. The service can be used by individuals, businesses and government agencies with savings, current or e-money accounts with participating banks. Currently, InstaPay can be accessed via mobile banking apps or internet banking services; access via other digital channels will be rolled out gradually. At the time of launch, there were 20 financial institutions supporting InstaPay.
– To transform the countrys payment system and increase the acceptance of electronic payments, the BSP introduced the Philippine EFT System and Operations Network (PESONet) in November 2017. This is a batch-based electronic credit transfer system facilitating business-to-business (B2B), customer-to-business (C2B), government-to-government (G2G) and person-to-government (P2G) transactions in the country. It is the first automated clearing house in the Philippines under the NRPS that enables all Filipinos to perform electronic credit transfers. Under the system, funds are made available to the recipient instantaneously upon clearing or on the same banking day; recipients are not charged electronic crediting fees. As of November 2018, a total of 47 financial institutions had integrated with PESONet.
– To foster healthy competition in the Filipino credit card market, in May 2018 the BSP approved the new Philippine Credit Card Industry Regulation Law, intended to ensure safe, efficient and fair business conduct. The law comes with Implementing Rules and Regulations (IRR) that are set to allow new players, other than banks, their affiliates and subsidiaries, into the credit card market. The entry of new organizations is expected to result in transparent and competitive interest rates, innovative products and enhanced services. In addition, the new IRR tackles customer concerns associated with credit cards, including the transparency of charges and fees, unfair collection practices, immediate payments posting, consumer data confidentiality, and the fast resolution of complaints and disputed transactions.
Table of Contents
Payments Infrastructure & Regulation
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