The Philippines’ card payments market is projected to grow by 18.8% in 2025 to reach PHP4.2 trillion ($72 billion), supported by sustained financial inclusion efforts and improving acquiring infrastructure, according to GlobalData, a leading data and analytics company.
GlobalData’s Payment Cards Analytics reveals that the total card payment value in the Philippines grew by 20.5% in 2024, with the market reaching PHP3.5 trillion ($61 billion) in 2024. Card spending is increasingly benefitting from the expansion of basic bank accounts, the emergence of digital-only banks, and the gradual shift from cash to electronic payments, even though cash still dominates everyday transactions.
Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, comments: “Card payments in the Philippines are expanding from a relatively low base, supported by a rising banked population, targeted financial inclusion policies, and a steady build out of acceptance infrastructure.
“Regulatory initiatives from Bangko Sentral ng Pilipinas (BSP), including the National Strategy for Financial Inclusion 2022–2028, are reinforcing consumer trust in formal financial services while nudging both individuals and merchants towards greater card usage. As cards become more widely issued and accepted, they are steadily capturing share from cash in both physical and remote commerce.”
Debit cards form a critical foundation of this growth story. In 2025, debit cards account for 35.1% of total card payment value. Their rising usage is closely linked to the expansion of bank accounts and financial access points across the country. The key enablers include BSP’s Circular 992, introduced in 2018, which allowed banks to roll out basic deposit accounts with simplified Know Your Customer checks, no minimum balance, and no maintenance fees.
By contrast, credit and charge cards, while underpenetrated in terms of cardholding, dominate spending. In 2025 they represent 64.9% of total card payment value, significantly surpassing debit cards in transactional value. This is largely due to the compelling value-added propositions such as rewards, cashback, air miles, and merchant discounts, which encourage cardholders to route high ticket and discretionary spending through credit lines rather than debit.
Beyond card issuance, several factors are reinforcing the shift to card payments. The acceptance network is steadily expanding. However, high POS installation costs and merchant service fees continue to constrain uptake among small merchants. To mitigate this, providers are rolling out more economical mobile POS and SoftPOS offerings.
Notably, Singapore-based HitPay partnered with Ingenico in October 2025 to launch an all-in-one payment solution for Philippine SMEs, enabling acceptance of major credit cards and local mobile wallets, an initiative that is expected to indirectly bolster card usage at smaller merchants.
On the policy front, the BSP and the government are leveraging multiple channels—micro banking offices, electronic money issuers, microfinance providers, pawnshops, and remittance agents—to extend formal financial services into unbanked and underserved regions. The National Strategy for Financial Inclusion 2022–2028 aims to foster inclusive digital finance, strengthen financial education, and enhance consumer protection—pillars that collectively underpin confidence in card based and other electronic payment mechanisms. While cash remains deeply embedded in consumer habits, these structural reforms and infrastructure investments are gradually lowering barriers to card adoption.
Sharma concludes: “Looking ahead, the total card payments in the Philippines are forecast to almost double between 2024 and 2029. The growth will be underpinned by the continued financial inclusion initiatives, the expansion of POS and low-cost acceptance solutions, and sustained consumer preference for value rich credit card propositions. Although annual growth is expected to slow from 18.8% in 2025 to 12.2% by 2029 as the market matures, the structural shift from cash to cards will keep the Philippines among the faster growing card payment markets in the region.”
Notes
Information is based on GlobalData’s Payment Cards Analytics
This press release was written using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts
About GlobalData
4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.