Dublin, May 12, 2022 (GLOBE NEWSWIRE) -- The "Philippines Buy Now Pay Later Business and Investment Opportunities - 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics - Q1 2022 Update" report has been added to ResearchAndMarkets.com's offering.
BNPL payments in the Philippines are expected to grow by 109.7% on annual basis to reach US$ 803.5 million in 2022.
Medium to long term growth story of BNPL industry in the Philippines remains strong. The BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 50.9% during 2022-2028. The BNPL Gross Merchandise Value in the country will increase from US$ 383.1 million in 2021 to reach US$ 9476.8 million by 2028.
The coronavirus pandemic has accelerated the shift towards online shopping among consumers in the Philippines. Notably, this boom in the Filipino e-commerce industry has also resulted in the widespread adoption of digital payment methods such as buy now, pay later (BNPL) payment solutions in the country. In the Philippines, consumers are increasingly looking for flexible and convenient payment solutions which allow them to manage their finances effectively.
The growing popularity of the deferred payment industry is expected to attract global BNPL players to launch their services in the Philippines from the short to medium-term perspective. This will subsequently lead to more strategic partnerships, investments, and mergers and acquisition deals in the BNPL industry.
BNPL firms are raising funds to focus on regional expansion and new product developments
In the midst of the growing demand for BNPL products in the Southeast Asia region, firms are raising fresh capital to accelerate their growth and fund regional expansion into other emerging markets.
- In November 2021, Plentina, the Philippines-based BNPL platform, announced that the firm had raised US$2.2 million led by New York-based venture capital firm TMV. The November 2021 funding round brings the total amount raised by the firm to US$5.7 million. Plentina is planning to use the newly infused capital to accelerate its growth across the country while also exploring other emerging markets in the Southeast Asian region, such as Vietnam.
- Along with the regional expansion, the firm is also planning to use the funding round to offer new products to its customers in the country. In 2021, the firm witnessed significant growth, wherein the app downloads have surged by 500% during the year. In 2022, the firm is also planning to launch its BNPL mobile app for iOS users, which will further boost the adoption of its BNPL product in the country.
The publisher expects more such BNPL firms to raise funds over the next four to eight quarters to further accelerate their growth in the Southeast Asian region.
BNPL firms are expanding product offering across the Philippines to expand market share
As the BNPL trend continues to expand across the country, BNPL firms are also expanding their product offering across the Philippines to garner more market share in the country.
- In November 2021, Cashalo, the Philippines-based BNPL firm, announced that the firm is expanding its product availability for consumers in the Visayas. The online lending platform initially started by offering the product to consumers in Cebu. However, as the boom in consumer spending continues, the firm is now planning to expand its product offering in other parts of the country.
- As of November 2021, the firm has already entered into strategic partnerships with retailers in Cebu. Some of its partners include Robinsons Department Store-Fuente Cebu, Robinsons Department Store-Galleria Cebu, Gear Up-Jakosalem Cebu, and SM Department Store-Seaside City Cebu, among others. The publisher expects the firm to also enter into strategic partnerships with retailers in the Visayas over the next few quarters.
Global BNPL platforms are expanding their services in the Philippines
In the Philippines, there is a strong demand by retail brands to offer their customers a flexible BNPL payment method. Consequently, global brands are entering in the Philippines to serve the growing demand by both offline and online retailers. For instance,
- In October 2021, Atome, one of the largest BNPL providers across Asia, announced that the firm is entering the Philippines. The firm has entered into a strategic partnership with more than 100 retailers, both online and offline, across the country. Notably, its network of retailers is spread across several product categories, including beauty, fashion, lifestyle, and home and living.
- Atome also claimed that it had received strong demand from retail brands to partner with its BNPL product offering in the initial soft launch phase. In line with its product offering in other Asian markets, Atome does not charge interest, additional fees, and service fees to its users. As part of its soft launch, the firm is also offering a voucher of PHP200 to consumers who download the BNPL app offered by Atome.
The publisher expects the entry of Atome in the Philippines BNPL market to further promote innovation and competition over the next four to eight quarters.
Reasons to buy
- In-depth Understanding of Buy Now Pay Later Market Dynamics: Understand market opportunities and key trends along with forecast (2019-2028). Understand market dynamics through essential KPIs such as Gross Merchandise Value, Volume, and Average Value Per Transaction.
- Insights into Opportunity by end-use sectors - Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.
- Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate BNPL strategy; assess market specific key trends, drivers, and risks in the BNPL industry.
- Get Insights into Consumer Attitude and Behaviour: Drawing from proprietary survey results, this report identifies and interprets key Buy Now Pay Later KPIs, including spend by age, gender, and income level.
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 Operational KPIs
- Buy Now Pay Later Revenues, 2019 - 2028
- Buy Now Pay Later Share by Revenue Segments
- Buy Now Pay Later Merchant Commission, 2019 - 2028
- Buy Now Pay Later Missed Payment Fee Revenue, 2019 - 2028
- Buy Now Pay Later Pay Now & Other Income, 2019 - 2028
- Buy Now Pay Later Accounts, 2019 - 2028
- Buy Now Pay Later Bad Debt, 2019 - 2028
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 Other: 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/okek0o
