Financial technology company UnaCash reported a remarkable increase in point-of-sale (POS) and buy now, pay later (BNPL) adoption in the Philippines.
It said that as of July 2024, 33.1 percent of adults aged 15 and above used POS, a tenfold increase from 3.2 percent in September 2018. The surge is attributed to the growth in mobile commerce and the prevalence of POS kiosks.
“POS adoption reflects the country’s increasing digitalization and the widespread use of mobile payment solutions. The development of self-service kiosks and enhanced e-commerce platforms have further contributed to this significant rise,” said UnaCash head of product Erwin Ocampo.
Meanwhile, the Philippines’ BNPL adoption also saw a 9.6-times increase since 2018, with a stable share of 24.7 percent of users, ranking it among the top three countries in Southeast Asia.
This shows a growing preference for flexible payment solutions, driven by increasing digital financial services and consumer demand, according to Ocampo.
Ocampo said the growing appetite for BNPL services was driven by increased e-commerce and a rising preference for convenient financial options.
