The share of cash in Filipino POS payments fell below 50 percent, as consumers increasingly preferred cards and wallets. The use of paper money and coins was significant before the COVID-19 pandemic: In 2019, almost seven out of 10 in-store transactions involved cash. Since then, however, mobile wallets especially took over most of the transactions. At the core of this development are wallets created by Philippine mobile operators Globe Telecom and Smart Communications. GCash and PayMaya are forecast to have millions more users in the Philippines than Asian superapp GrabPay or PayPal come 2025.
Market share of cash, credit cards, and other payment methods at point of sale (POS) in the Philippines from 2017 to 2023, with a forecast for 2027
* The source changed its categories in 2021, see the "Details" tab for more information.
Supplementary notes
In 2022, the source stated it made two changes to the categories used in previous years. These include a combination of "credit cards" with "charge/deferred debit cards" and the split of BNPL from "POS financing" (which itself was added as a new category in 2020). The latter change was made to atone for the "growing importance of BNPL". This seems to have been reverted for "POS financing" in the 2023 report - which covered the figures for 2022.
The figures have been taken from several publications. No figures were available for 2018 as the source did not release any reports that year.
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Worldpay. (March 21, 2024). Market share of cash, credit cards, and other payment methods at point of sale (POS) in the Philippines from 2017 to 2023, with a forecast for 2027 [Graph]. In Statista. Retrieved November 10, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/1296882/preferred-payment-methods-philippines/
Worldpay. "Market share of cash, credit cards, and other payment methods at point of sale (POS) in the Philippines from 2017 to 2023, with a forecast for 2027." Chart. March 21, 2024. Statista. Accessed November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1296882/preferred-payment-methods-philippines/
Worldpay. (2024). Market share of cash, credit cards, and other payment methods at point of sale (POS) in the Philippines from 2017 to 2023, with a forecast for 2027. Statista. Statista Inc.. Accessed: November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1296882/preferred-payment-methods-philippines/
Worldpay. "Market Share of Cash, Credit Cards, and Other Payment Methods at Point of Sale (Pos) in The Philippines from 2017 to 2023, with a Forecast for 2027." Statista, Statista Inc., 21 Mar 2024, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1296882/preferred-payment-methods-philippines/
Worldpay, Market share of cash, credit cards, and other payment methods at point of sale (POS) in the Philippines from 2017 to 2023, with a forecast for 2027 Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1296882/preferred-payment-methods-philippines/ (last visited November 10, 2024)
Market share of cash, credit cards, and other payment methods at point of sale (POS) in the Philippines from 2017 to 2023, with a forecast for 2027 [Graph], Worldpay, March 21, 2024. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/1296882/preferred-payment-methods-philippines/
