Dublin, Sept. 23, 2021 (GLOBE NEWSWIRE) -- The "Philippines Buy Now Pay Later Business and Investment Opportunities (2019-2028) - 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics" report has been added to ResearchAndMarkets.com's offering.
The growth of the BNPL sector in the country speaks about the convenience it has to offer and the fact that Filipinos are willing to manage their budget much more optimally. According to the Q2 2021 BNPL Survey, BNPL payment in the country is expected to grow by 66.6% on annual basis to reach US$ 350.1 million in 2021.
After being negatively impacted by the global pandemic, consumer spending in the Philippines is expected to bounce back in 2021. Consequently, buy now pay later (BNPL) firms look set to advantage of the Filipino consumers' eagerness to open their wallets again.
A large chunk of the Filipino population remains unbanked in the country. This is also expected to drive the adoption of BNPL services among more consumers in the Philippines. Notably, the remoteness of physical bank branches and the stringent requirements of traditional lenders are some of the other key reasons behind the projected growth of the deferred payment service in the Philippines.
In the last five years, a lot of companies have launched their deferred payments services in the country. BillEase, operated by the First Digital Finance Corporation (FDFC), is one such BNPL service that offers consumers short-term loans at interest rates ranging from 0% to 5%. Apart from BillEase, Manila-based Jungle, Hong Kong-based Cashalo, and TendoPay are the other BNPL providers who are looking to capitalize in the credit-starved market of the Philippines.
There is no sophisticated credit scoring system in the Philippines, which would have given BNPL providers a reliable gauge for the risk in extending credit. For this reason, deferred payment providers have to be careful and aware of the increase in fraud risk as well as credit risk when lending to consumers in the Philippines.
Medium to long term growth story of BNPL industry in Philippines remains strong. The BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 27.4% during 2021-2028. The BNPL Gross Merchandise Value in the country will increase from US$ 210.2 million in 2020 to reach US$ 1,911.8 million by 2028.
Scope
Philippines BNPL Market Size and Spending Pattern
- Gross Merchandise Value Trend Analysis
- Average Value Per Transaction Trend Analysis
- Transaction Volume Trend Analysis
Philippines Buy Now Pay Later Market Share Analysis by Key Players
- TendoPay
- Cashalo
- BillEase
- Grab Pay Later
- UnaPay
- Plentina
- Zip
- Spotti
Philippines Buy Now Pay Later Spend Analysis by Channel: Market Size and Forecast
- Online Channel
- POS Channel
Philippines Buy Now Pay Later in Retail Shopping: Market Size and Forecast
- Gross Merchandise Value Trend Analysis
- Average Value Per Transaction Trend Analysis
- Transaction Volume Trend Analysis
Philippines Buy Now Pay Later in Home Improvement: Market Size and Forecast
- Gross Merchandise Value Trend Analysis
- Average Value Per Transaction Trend Analysis
- Transaction Volume Trend Analysis
Philippines Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast
- Gross Merchandise Value Trend Analysis
- Average Value Per Transaction Trend Analysis
- Transaction Volume Trend Analysis
Philippines Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast
- Gross Merchandise Value Trend Analysis
- Average Value Per Transaction Trend Analysis
- Transaction Volume Trend Analysis
Philippines Buy Now Pay Later in Education: Market Size and Forecast
- Gross Merchandise Value Trend Analysis
- Average Value Per Transaction Trend Analysis
- Transaction Volume Trend Analysis
Philippines Buy Now Pay Later in Automotive: Market Size and Forecast
- Gross Merchandise Value Trend Analysis
- Average Value Per Transaction Trend Analysis
- Transaction Volume Trend Analysis
Philippines Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
- Buy Now Pay Later Sales Uplift by Product Category
- Buy Now Pay Later Spend Share by Age Group
- Buy Now Pay Later Gross Merchandise Share by Income
- Buy Now Pay Later Gross Merchandise Value Share by Gender
- Buy Now Pay Later Adoption Rationale Gross Merchandise Value Analysis
For more information about this report visit https://www.researchandmarkets.com/r/mvzj5l
