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Revenue of the digital payments industry Philippines 2018-2028
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.