The Philippines’ card payments market is projected to grow by 18.8 percent in 2025 to P4.2 trillion ($72 billion), led by ongoing financial inclusion efforts and improving acquiring infrastructure, according to GlobalData, a leading data and analytics company.
GlobalData’s Payment Cards Analytics indicates the total card payment value grew by 20.5 percent in 2024, with the market reaching P3.5 trillion ($61 billion). The expansion is supported by the availability of basic bank accounts, the rise of digital-only banks and a gradual shift from cash to electronic payments.
“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,” said Ravi Sharma, lead banking and payments analyst at GlobalData.
The growth is reinforced by regulatory initiatives from the Bangko Sentral ng Pilipinas (BSP), including the National Strategy for Financial Inclusion 2022–2028, which aims to boost consumer trust in formal financial services and encourage greater card usage among individuals and merchants.
Debit cards are a key element of this growth. In 2025, debit cards are expected to account for 35.1 percent of the total card payment value. Their increased use is linked to the expansion of bank accounts and financial access points, aided by the BSP’s Circular 992 from 2018, which allowed banks to offer basic deposit accounts with simplified Know Your Customer (KYC) checks, no minimum balance and no maintenance fees.
Credit and charge cards, despite lower penetration in terms of cardholding, are set to dominate spending.
They will represent 64.9 percent of the total card payment value in 2025, surpassing debit cards in transactional value. This dominance is attributed to value-added propositions such as rewards, cashback, air miles and merchant discounts, which incentivize cardholders to use credit lines for high-ticket and discretionary spending.
Beyond card issuance, the acceptance network is steadily expanding. However, high point of sale (POS) installation costs and merchant service fees still constrain uptake among small merchants.
Providers are addressing this by rolling out more economical mobile POS and SoftPOS offerings. For example, Singapore-based HitPay partnered with Ingenico in October 2025 to launch an all-in-one payment solution for Philippine small and medium enterprises (SMEs), allowing them to accept major credit cards and local mobile wallets, which is expected to indirectly bolster card usage at smaller merchants.
The BSP and the government are utilizing multiple channels—including 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 is designed to foster inclusive digital finance, strengthen financial education and enhance consumer protection, which collectively support confidence in card-based and other electronic payment mechanisms.
“Looking ahead, the total card payments in the Philippines are forecast to almost double between 2024 and 2029,” Sharma said.
“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 percent in 2025 to 12.2 percent 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,” said Sharma.
