What mode of payment Filipino buyers prefer most

Cards were used in over half of the e-commerce transactions in 2022. 

Payment cards are the most preferred payment method of Filipino buyers, GlobalData reported. 

In 2022, this method accounted for more than half of online transactions during the year. 

“Philippines is one of the fastest growing e-commerce markets in Southeast Asia, supported by high internet and smartphone penetration. Furthermore, the COVID-19 pandemic accelerated the shift in consumer preference from brick-and-mortar to online channels,” Shivani Gupta, Senior Banking and Payments Analyst at GlobalData reported. 

“E-commerce growth in the Philippines has also been boosted by government initiatives such as ‘Philippine e-Commerce Roadmap 2020,” which aims to promote e-commerce adoption among SMEs.”

Read more: Payment cards account for nearly 35% of e-commerce sales in Saudi Arabia

In its E-Commerce Analytics report, GlobalData estimated that the Philippines’ e-commerce market grew by 31.1% to P500.9b (US$9.8b).

This is driven by the continuing shift to online shopping from offline, which could further lead to a 22.9% growth to P615.7b (US$12.1b) in 2023.