For a long time, the cure for diabetes type 1 and type 2 has relied on agonizing insulin shots for patients or insulin infusion via mechanical pumps. Regarding this, experts have been creating artificial pancreatic beta cells with the he…
Payments Landscape in the Philippines: Opportunities and Risks to 2021
GlobalData's "Payments Landscape in the Philippines: Opportunities and Risks to 2021", report provides detailed analysis of market trends in the Philippines cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, payment cards, and cheques during the review-period (2013-17e).
The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2017-21f). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.
The report brings together GlobalData's research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.
The report provides top-level market analysis, information and insights into the Philippines cards and payments industry, including -
- Current and forecast values for each market in the Philippines cards and payments industry, including debit, credit, and charge cards.
- Detailed insights into payment instruments including cheques, cash, and payment cards. It also, includes an overview of the country's key alternative payment instruments.
- E-commerce market analysis and payment methods.
- Analysis of various market drivers and regulations governing the Philippines cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
- To transform the country's payment system and increase the acceptance of electronic payments, the Bangko Sentral ng Pilipinas (BSP) introduced the Philippine EFT System and Operations Network (PESONet) in November 2017. This is a batch-based electronic credit transfer system facilitating business-to-business (B2B), customer-to-business (C2B), government-to-government (G2G), and person-to-government (P2G) transactions in the country. It is the first automated clearing house in the Philippines under the National Retail Payment System (NRPS)that enables all Filipinos to perform electronic credit transfers. Under the system, funds are made available to the recipient instantaneously upon clearing or on the same banking day. Recipients are not charged electronic crediting fees. As of November 2017, a total of 33 BSP-supervised financial institutions and other non-bank electronic money issuers had integrated with PESONet. Furthermore, BSP is working on the implementation of 24/7 low-value electronic fund transfer system InstaPay, which is due to launch in 2018.
- To boost the credit card market, in August 2016 the Philippine Credit Card Industry Regulation Law was introduced granting BSP with powers to supervise all credit card issuers and acquirers operating in the country. Violation of any rules or regulations by credit card companies will result in a penalty. BSP mandates all credit card issuers to perform customer identification and due diligence procedure s before issuing credit cards, and forbids card issuers from adopting any unfair and abusive practices when collecting credit card debt.
- In order to align with international payment card standards, in November 2014 BSP 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 EMV standards. To help banks migrate to EMV card portfolios, BSP has extended the deadline from January 1, 2017 to June 30, 2018, after which all non-compliant banks will face penalties.
Reasons to buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Philippines cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Philippines cards and payments industry.
- Assess the competitive dynamics in the Philippines cards and payments industry.
- Gain insights into marketing strategies used for various card types in the Philippines.
- Gain insights into key regulations governing the Philippines cards and payments industry.