The Cards and Payments Industry in the Philippines: Emerging Trends and Opportunities to 2019

From: Fast Market Research, Inc.
Published: Wed Apr 20 2016


Timetric's 'The Cards and Payments Industry in the Philippines: Emerging Trends and Opportunities to 2019' report provides top-level market analysis, information and insights into the Philippine cards and payments industry, including:

* Current and forecast values for each market in the Philippine cards and payments industry, including debit card, credit and charge cards. It also includes detailed analysis of the prepaid card market.
* Detailed insights into payment instruments including cash transactions, checks and payment cards. It also, includes an overview of the country's key alternative payment instruments.
* E-commerce market analysis and online payment types.
* Analysis of various market drivers and regulations governing the Philippine cards and payments industry.
* Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
* Comprehensive analysis of consumer attitudes and buying preferences for cards.
* The competitive landscape of the Philippine cards and payments industry.

Full Report Details at
- http://www.fastmr.com/prod/1152275_the_cards_payments_industry.aspx?afid=301

Report Highlights

* To capitalize on the increasing uptake of mobile point-of-sale (mPOS) solutions among small and medium merchants such as insurance agents and food-delivery businesses, solution providers are offering low-cost mPOS services. For instance, Swiff, a mobile payment technology provider signed an agreement with G-Xchange, a mobile payment and remittance service provider in March 2014 to introduce Globe Charge, an mPOS service in the Philippines. Globe Charge is an Europay, MasterCard, and Visa (EMV) Level 2-certified service offering merchants different payment acceptance options including chip and PIN, chip and sign, and swipe and sign. Similarly, car-booking company GrabTaxi expanded its cashless payment service by entering into a partnership with Visa in May 2015. This agreement allows GrabTaxi vehicles to carry a Globe Charge terminal enabling passengers to make payments via a Visa debit, credit or prepaid card. The introduction of low-cost terminals is anticipated to encourage merchants to accept card-based payments, further driving payment card transaction volume and values.
* To provide enhanced card security, the Bangko Sentral ng Pilipinas (BSP) - the central bank of the Philippines, in November 2014, made it mandatory for banks to shift from the traditional magnetic stripe to more secure EMV chip cards by January 2017. Following this announcement, BancNet signed an agreement with Visa in February 2015 to accelerate the migration to EMV chip cards for all domestic transactions. In addition to cards, the migration process ensures that ATMs and POS terminals are compliant with the EMV standards. The increasing adoption of security measures is expected to encourage consumers to carry out more card-based transactions.

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Company: Fast Market Research, Inc.
Contact Name: Bill Thompson
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