Philippines: digital payments market revenue 2028

The digital payments segment in the Philippines was estimated to have generated around 37.65 billion U.S. dollars of revenue in 2023, which indicated an increase from the previous year. The digital payment market was estimated to continue growing in the next years.

Drivers of digital payment market growth

Digital commerce or e-commerce has been the main driver of the growth of the digital payment market in the Philippines. While cash used to dominate over other payment methods used in online shopping, the volume share of digital payments in the total monthly retail payments made in the Philippines jumped by 280 percent between 2019 and 2023. In fact, digital payments held a higher share of the volume of retail transactions in 2023 alone.

The rise of mobile wallets 

According to a PPRO report, mobile wallets have taken the lead among other payment methods used in online shopping in the Philippines in 2023. Among the several mobile wallet applications available in the country, GCash had the highest number of monthly active users in 2022, followed by Maya. GCash is an all-in-one application developed by Mynt, which is a subsidiary of Globe Telecom. Aside from allowing users to send and receive money, GCash also started offering investment products and insurance services not only in the Philippines but also in several locations abroad.

Revenue of the digital payments market in the Philippines from 2018 to 2028 (in billion U.S. dollars)

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Special properties

All figures are estimates.

Supplementary notes

Data provided by Statista Market Insights are estimates.

Definition:

The Digital Payments market segement is led by consumer transactions and includes payments for products and services which are made over the Internet as well as mobile payments at point of sale (POS) via smartphone applications and cross-border money transfers made over the internet (digital remittances). Transaction value equals money transfers out of the selected region.

Structure:

The three markets in Digital Payments include Digital Commerce, Mobile PoS payments, and Digital Remittances.

Additional Information:

The market comprises transaction values, average transaction value per user, users and user penetration rates. Transaction values in the Digital Payments market segment refers to consumer transactions made via the Internet or mobile wallets.

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