The Philippines’ card payments market is forecast to register a compound annual growth rate (CAGR) of 15.1% between 2025 and 2029 to reach PHP7.3 trillion ($126.9 billion), supported by the gradual shift away from cash, expanding e-commerce use cases, and sustained efforts by the government and the Bangko Sentral ng Pilipinas (BSP) to strengthen financial inclusion, according to GlobalData, a leading intelligence and productivity platform.
GlobalData’s Payment Cards Analytics reveals that the total card payment value in the Philippines is expected to grow by 18.8% in 2025 to reach PHP4.2 trillion ($72.2 billion), reflecting continuous growth in card usage driven by government-led promotion of electronic payments and emergence of digital-only banks, even though cash still dominates everyday transactions.
Poornima Chinta, Senior Banking and Payments Analyst at GlobalData, comments: “The Philippines’ card payments market is being shaped by a combination of financial inclusion policies and targeted innovations to widen access and acceptance. Initiatives such as the basic deposit accounts, branch-lite expansion and agent-based models are gradually increasing account ownership and card issuance, while competitive offerings from banks and digital-only players are supporting usage through value-added benefits.
“At the same time, underdeveloped payment acceptance infrastructure remains a binding constraint, pushing the industry toward lower-cost acceptance solutions designed for micro, small, and medium enterprises (MSMEs).”
Debit card payments represent approximately 35.1% of the total card payment market in the Philippines in 2025. Debit card growth is closely tied to financial inclusion measures led by BSP—such as basic deposit accounts with simplified Know-Your-Customer requirements and no maintenance fees. This expansion is reinforced by a wider network of financial access points nationwide, especially through BSP’s branch-lite model, which establishes smaller branches in underserved areas.
Despite being underpenetrated, credit and charge cards remain the preferred choice for payments, representing 64.9% of total transaction value in 2025. The factors boosting credit card popularity include value-added benefits like cashback, discounts, rewards and flexible repayment options. In August 2025, Philippines-based fintech and digital bank Maya launched the Maya Black Credit Card that offers premium benefits such as reward miles that can be used for purchases, converted to airline miles like Mabuhay Miles or redeemed for travel perks.
Beyond issuance, acceptance and contactless enablement are key to sustain card growth. The Philippines’ POS infrastructure remains underdeveloped, with high installation and merchant fees limiting small-merchant uptake, prompting the rollout of lower-cost acceptance solutions. In November 2025, GCash introduced PocketPay—an app that turns NFC-enabled Android devices into payment acceptance points, eliminating the need for costly point-of-sale hardware.
Contactless card payments are also gaining traction in the Philippines, with usage being embedded into everyday transit. This is further contributing to the increase in the payment card penetration. In July 2025, the Department of Transportation, collaborated with government agencies and private-sector partners including GCash and Mastercard to launch an open-loop payment system on Metro Rail Transit Line 3 (MRT-3). The system allows commuters to pay for fares using multiple payment modes including contactless debit, credit, and prepaid cards.
Chinta concludes: “The Philippines card payments market is expected to continue its upward growth trajectory underpinned by sustained financial inclusion programs and strong credit-card-led spending supported by value added benefits, such as rewards and instalment features. Wider deployment of cost-effective acceptance solutions and contactless transit use cases should further improve card utility, although the market’s progress will remain closely linked to addressing infrastructure gaps and persistent financial exclusion.”
Notes:
Information is based on GlobalData’s Payment Cards Analytics
This 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
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