Summary

According to PayNXT360, BNPL payments in the country are expected to grow by 16.4% on an annual basis to reach US$2,299.6 million in 2024.

The medium to long-term growth story of the BNPL industry in the country remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 11.0% during 2024-2029. The BNPL gross merchandise value in the country will increase from US$1,975.2 million in 2023 to reach US$3,879.3 million by 2029.The buy now pay later market is poised to grow at an accelerated pace over the medium term in the Philippines. The availability of the payment method at point-of-sale, coupled with the fast-growing e-commerce market, will drive the BNPL industry growth in 2024. To tap into the growth potential, providers are expanding their footprint in the country and the trend is projected to further continue over the medium term. This will drive innovation and a competitive landscape in the Philippines BNPL market. Overall, PayNXT360 maintains a positive growth outlook for the sector in the Philippines from the short to medium-term perspective.

Rising adoption of flexible payment solutions at checkout and point of sale to drive BNPL sales in the Philippines

Higher inflation has resulted in a significant uptake of buy now pay later schemes among Filipinos over the last 12 months. The uptake is projected to increase further over the medium term, however, other factors such as the fast-growing e-commerce market, are projected to aid the industry growth over the medium term.
• According to a report from UnaCash, one of the leading Filipino BNPL providers, 15% of all online transactions are completed using the payment solution. The report also revealed that the anticipated increase in the total value of items purchased through BNPL options in 2024 is expected to outpace the 154% growth estimated in 2023, but is projected to be slightly less than the 178% surge observed in 2021.

The expected growth in BNPL usage in 2024 will be likely influenced by an anticipated 84% growth in the e-commerce market in 2024. UnaCash attributes this growth to the rising popularity of mobile commerce, which involves making transactions using devices such as smartphones or tablets.

BNPL providers are expanding their footprint amid the fast-growing e-commerce sector in the Philippines

To benefit from the rising demand for buy now pay later schemes and the growing m-commerce market, providers are expanding their footprint in the Philippines market. This trend is projected to continue further in 2024.
• UnaCash, in 2023, onboarded various merchant partners across industry verticals. This includes appliances, gadgets, and general merchandise. Going forward, in 2024, the firm is planning to further boost its presence to accelerate business growth in the Philippines. The firm is forecasting an over 200% increase in its existing merchant partners. UnaCash is also opening new branches to have a bigger slice of the growing market. The firm, for instance, ended December 2023 with 128 branches. This is 300% higher compared to July 2022.

The broadening presence of BNPL providers across the Philippines is, therefore, expected to support further BNPL penetration in the market. This will subsequently drive the growth of the industry over the next three to four years.

Regional providers are forging strategic partnerships to expand in the Philippines buy now pay later market

With the projected growth at an accelerated rate over the next three to four years, regional providers are entering into strategic partnerships with financial services firms to expand in the Philippines market.
• Atome Financial, in August 2023, revealed that it is renewing a US$100 million debt facility in partnership with HSBC Singapore. This move is aimed at growing its presence in the Philippine market. The collaboration not only supports Atome's expansion efforts but also takes advantage of HSBC Singapore's worldwide network, regional presence, and banking knowledge to enhance Atome's influence and outreach in the Philippine market.

Atome, notably, has a strong presence across Asia. The firm has disbursed more than US$4 billion in loans and has partnered with over 15,000 retailers in ten Asian markets. The plan to expand in the Philippines market is part of the firm's strategy to drive the next growth phase over the medium term. With a significant portion of the population needing access to financial services, Atome is well-positioned to fill the financial gap in the Philippines. From the short to medium-term perspective, PayNXT360 expects more global and regional BNPL firms to enter into strategic collaborations and expand in the Philippines market. This will drive the competitive landscape and industry growth over the next three to four years.

The BNPL payment industry in Philippines has recorded strong growth over the last four quarters, supported by increased e-commerce penetration.

This report provides a detailed data-centric analysis of the Buy Now Pay Later (BNPL) industry, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at the country level, this report provides a comprehensive understanding of BNPL market dynamics, market size and forecast, and market share statistics.

It breaks down market opportunities by type of business model, sales channels (offline and online), and distribution models. In addition, it provides a snapshot of consumer behaviour and retail spending dynamics. KPIs in both value and volume terms help in getting an in-depth understanding of end market dynamics.

PayNXT360’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.


• Get a comprehensive understanding of market dynamics for Buy Now Pay Later: Identify market opportunities, major trends, and forecasting (2020-2029). Understand market trends through crucial KPIs like Gross Merchandise Value, Volume, and Average Value per Transaction, to stay ahead of the curve.

• Insights by end-use sectors: Evaluate new opportunities across multiple end-use sectors, and obtain market dynamics by end-use sectors in order to swiftly catch up with the latest and upcoming developments in BNPL markets.

• Market-specific strategies: Identify growth segments focused on specific opportunities, and analysing market-specific risks and important trends in the BNPL sector with our exclusive blend of quantitative forecasting and innovative insights.

• Gain knowledge of consumer attitudes and actions: This report identifies and interprets important Buy Now Pay Later KPIs, such as spend by age, gender, and income level, using data from a proprietary survey.

• Develop proactive and lucrative business strategies through market intelligence and forward-looking analysis of BNPL market spend and major opportunities in Philippines.

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Table of Contents

1 About this Report
1.1 Summary
1.2 Methodology
1.3 BNPL Definitions
1.4 Disclaimer

2 Philippines Buy Now Pay Later Industry Attractiveness
2.1 Philippines Buy Now Pay Later – Gross Merchandise Value Trend Analysis, 2020-2029
2.2 Philippines Buy Now Pay Later – Average Value Per Transaction Trend Analysis, 2020-2029
2.3 Philippines Buy Now Pay Later—Transaction Volume Trend Analysis, 2020-2029
2.4 Philippines Buy Now Pay Later Market Share Analysis by Key Players

3 Philippines Buy Now Pay Later Operational KPIs
3.1 Buy Now Pay Later Revenues, 2020-2029
3.2 Buy Now Pay Later Share by Revenue Segments, 2020-2029
3.2.1 Buy Now Pay Later Revenue by Merchant Commission, 2020-2029
3.2.2 Buy Now Pay Later Revenue by Missed Payment Fee Revenue, 2020-2029
3.2.3 Buy Now Pay Later Revenue by Pay Now & Other Income, 2020-2029
3.3 Buy Now Pay Later Active Consumer Base, 2020-2029
3.4 Buy Now Pay Later Bad Debt, 2020 – 2024 – 2029

4 Buy Now Pay Later Spend Analysis by Business Model, 2020-2029
4.1 Buy Now Pay Later Two-Party Business Model, 2020-2029
4.2 Buy Now Pay Later Three-Party Business Model, 2020-2029

5 Buy Now Pay Later Spend Analysis by Purpose, 2020-2029
5.1 Buy Now Pay Later Convenience, 2020-2029
5.2 Buy Now Pay Later Credit, 2020-2029

6 Buy Now Pay Later Spend Analysis by Functional Attribute, 2020-2029
6.1 Buy Now Pay Later by Open Loop System, 2020-2029
6.2 Buy Now Pay Later by Closed Loop System, 2020-2029

7 Buy Now Pay Later Spend Analysis by Distribution Model, 2020-2029
7.1 Buy Now Pay Later by Standalone, 2020-2029
7.2 Buy Now Pay Later by Banks & Payment Service Providers, 2020-2029
7.3 Buy Now Pay Later by Marketplaces, 2020-2029

8 Philippines Buy Now Pay Later Spend Analysis by Sales Channel
8.1 Buy Now Pay Later Market Share by Sales Channel, 2020-2029
8.2 Buy Now Pay Later Online Channel Market Size and Forecast, 2020-2029
8.3 Buy Now Pay Later POS Channel Market Size and Forecast, 2020-2029

9 Philippines Buy Now Pay Later Snapshot by End-Use Sector, 2020-2029
9.1 Buy Now Pay Later Market Share by End-Use Sector, 2023
9.2 Buy Now Pay Later Sales Uplift by End-Use Segment, 2023

10 Philippines Buy Now Pay Later in Retail Shopping: Market Size and Forecast, 2020-2029
10.1 Philippines Buy Now Pay Later Retail Shopping – Gross Merchandise Value Trend Analysis, 2020-2029
10.2 Philippines Buy Now Pay Later Retail Shopping – Average Value Per Transaction Trend Analysis, 2020-2029
10.3 Philippines Buy Now Pay Later Retail Shopping – Transaction Volume Trend Analysis, 2020-2029

11 Philippines Buy Now Pay Later Market Size and Forecast by Retail Product Categories
11.1 Buy Now Pay Later Share by Retail Product Category, 2023
11.2 Philippines Buy Now Pay Later Retail Shopping - Apparel, Footwear & Accessories – Gross Merchandise Value Trend Analysis, 2020-2029
11.3 Philippines Buy Now Pay Later Retail Shopping - Consumer Electronics – Gross Merchandise Value Trend Analysis, 2020-2029
11.5 Philippines Buy Now Pay Later Retail Shopping - Toys, Kids, and Babies – Gross Merchandise Value Trend Analysis, 2020-2029
11.6 Philippines Buy Now Pay Later Retail Shopping - Jewellery – Gross Merchandise Value Trend Analysis, 2020-2029
11.7 Philippines Buy Now Pay Later Retail Shopping - Sporting Goods – Gross Merchandise Value Trend Analysis, 2020-2029
11.8 Philippines Buy Now Pay Later Retail Shopping - Entertainment & Gaming – Gross Merchandise Value Trend Analysis, 2020-2029
11.9 Philippines Buy Now Pay Later Retail Shopping - Others – Gross Merchandise Value Trend Analysis, 2020-2029

12 Philippines Buy Now Pay Later in Home Improvement: Market Size and Forecast, 2020-2029
12.1 Philippines Buy Now Pay Later Home Improvement – Gross Merchandise Value Trend Analysis, 2020-2029
12.2 Philippines Buy Now Pay Later Home Improvement – Average Value Per Transaction Trend Analysis, 2020-2029
12.3 Philippines Buy Now Pay Later Home Improvement – Transaction Volume Trend Analysis, 2020-2029

13 Philippines Buy Now Pay Later in Travel: Market Size and Forecast, 2020-2029
13.1 Philippines Buy Now Pay Later Travel – Gross Merchandise Value Trend Analysis, 2020-2029
13.2 Philippines Buy Now Pay Later Travel – Average Value Per Transaction Trend Analysis, 2020-2029
13.3 Philippines Buy Now Pay Later Travel – Transaction Volume Trend Analysis, 2020-2029

14 Philippines Buy Now Pay Later in Media and Entertainment: Market Size and Forecast, 2020-2029
14.1 Philippines Buy Now Pay Later Media and Entertainment – Gross Merchandise Value Trend Analysis, 2020-2029
14.2 Philippines Buy Now Pay Later Media and Entertainment – Average Value Per Transaction Trend Analysis, 2020-2029
14.3 Philippines Buy Now Pay Later Media and Entertainment – Transaction Volume Trend Analysis, 2020-2029

15 Philippines Buy Now Pay Later in Service: Market Size and Forecast, 2020-2029
15.1 Philippines Buy Now Pay Later Service – Gross Merchandise Value Trend Analysis, 2020-2029
15.2 Philippines Buy Now Pay Later Service – Average Value Per Transaction Trend Analysis, 2020-2029
15.3 Philippines Buy Now Pay Later Service – Transaction Volume Trend Analysis, 2020-2029

16 Philippines Buy Now Pay Later in Automotive: Market Size and Forecast, 2020-2029
16.1 Philippines Buy Now Pay Later Automotive – Gross Merchandise Value Trend Analysis, 2020-2029
16.2 Philippines Buy Now Pay Later Automotive – Average Value Per Transaction Trend Analysis, 2020-2029
16.3 Philippines Buy Now Pay Later Automotive – Transaction Volume Trend Analysis, 2020-2029

17 Philippines Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast, 2020-2029
17.1 Philippines Buy Now Pay Later Healthcare and Wellness – Gross Merchandise Value Trend Analysis, 2020-2029
17.2 Philippines Buy Now Pay Later Healthcare and Wellness – Average Value Per Transaction Trend Analysis, 2020-2029
17.3 Philippines Buy Now Pay Later Healthcare and Wellness – Transaction Volume Trend Analysis, 2020-2029

18 Philippines Buy Now Pay Later in Others: Market Size and Forecast, 2020-2029
18.1 Philippines Buy Now Pay Later Others – Gross Merchandise Value Trend Analysis, 2020-2029
18.2 Philippines Buy Now Pay Later Others – Average Value Per Transaction Trend Analysis, 2020-2029
18.3 Philippines Buy Now Pay Later Others – Transaction Volume Trend Analysis, 2020-2029

19 Philippines Buy Now Pay Later Analysis by Consumer Attitude and Behaviour, 2020-2029
19.1 Buy Now Pay Later Spend Share by Age Group, 2023
19.1.1 Philippines Buy Now Pay Later by Age Group – Gen Z (15-27) – Gross Merchandise Value Trend Analysis, 2020-2029
19.1.2 Philippines Buy Now Pay Later by Age Group – Millennials (28–44) – Gross Merchandise Value Trend Analysis, 2020-2029
19.1.3 Philippines Buy Now Pay Later by Age Group – Gen X (45 – 60) – Gross Merchandise Value Trend Analysis, 2020-2029
19.1.4 Philippines Buy Now Pay Later by Age Group – Baby Boomers (60+) – Gross Merchandise Value Trend Analysis, 2020-2029
19.2 Buy Now Pay Later Spend Share by Default Rate by Age Group, 2023
19.3 Buy Now Pay Later Share by Income, 2023
19.3.1 Philippines Buy Now Pay Later by Income Level – Tier 1 – Gross Merchandise Value Trend Analysis, 2020-2029
19.3.2 Philippines Buy Now Pay Later by Income Level – Tier 2 – Gross Merchandise Value Trend Analysis, 2020-2029
19.3.3 Philippines Buy Now Pay Later by Income Level – Tier 3 – Gross Merchandise Value Trend Analysis, 2020-2029
19.4 Buy Now Pay Later Gross Merchandise Value Share by Gender, 2023
19.5 Buy Now Pay Later Adoption Rationale, 2023
19.6 Philippines Buy Now Pay Later Market – Spend by Average Monthly Expense Segments, 2023

20 Further Reading
20.1 About PayNXT360
20.2 Related Research

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List of Tables/Graphs

Table 1: Philippines Buy Now Pay Later – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 2: Philippines Buy Now Pay Later – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 3: Philippines Buy Now Pay Later – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 4: Philippines Buy Now Pay Later – Revenues (US$ Million), 2020-2029
Table 5: Philippines Buy Now Pay Later – Merchant Commission (US$ Million), 2020-2029
Table 6: Philippines Buy Now Pay Later – Missed Payment Fee Revenue (US$ Million), 2020-2029
Table 7: Philippines Buy Now Pay Later Pay Now – Other Income (US$ Million), 2020-2029
Table 8: Philippines Buy Now Pay Later – Active Consumer Base (Thousand), 2020-2029
Table 9: Philippines Buy Now Pay Later – Bad Debt (US$ Million), 2022-2024-2029
Table 10: Philippines Buy Now Pay Later – Two-Party Business Model (US$ Million), 2020-2029
Table 11: Philippines Buy Now Pay Later – Three-Party Business Model (US$ Million), 2020-2029
Table 12: Philippines Buy Now Pay Later – Convenience (US$ Million), 2020-2029
Table 13: Philippines Buy Now Pay Later – Credit (US$ Million), 2020-2029
Table 14: Philippines Buy Now Pay Later – Open Loop System (US$ Million), 2020-2029
Table 15: Philippines Buy Now Pay Later – Closed Loop System (US$ Million), 2020-2029
Table 16: Philippines Buy Now Pay Later – Standalone (US$ Million), 2020-2029
Table 17: Philippines Buy Now Pay Later – Banks & Payment Service Providers (US$ Million), 2020-2029
Table 18: Philippines Buy Now Pay Later – Marketplaces (US$ Million), 2020-2029
Table 19: Philippines Buy Now Pay Later – Gross Merchandise Value by Online Channel (US$ Million), 2020-2029
Table 20: Philippines Buy Now Pay Later – Gross Merchandise Value by POS Channel (US$ Million), 2020-2029
Table 21: Philippines Buy Now Pay Later Retail Shopping – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 22: Philippines Buy Now Pay Later Retail Shopping – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 23: Philippines Buy Now Pay Later Retail Shopping – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 24: Philippines Buy Now Pay Later Retail Shopping - Apparel, Footwear & Accessories – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 25: Philippines Buy Now Pay Later Retail Shopping - Consumer Electronics – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 26: Philippines Buy Now Pay Later Retail Shopping - Toys, Kids, and Babies – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 27: Philippines Buy Now Pay Later Retail Shopping - Jewellery – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 28: Philippines Buy Now Pay Later Retail Shopping - Sporting Goods – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 29: Philippines Buy Now Pay Later Retail Shopping - Entertainment & Gaming – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 30: Philippines Buy Now Pay Later Retail Shopping - Others – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 31: Philippines Buy Now Pay Later Home Improvement – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 32: Philippines Buy Now Pay Later Home Improvement – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 33: Philippines Buy Now Pay Later Retail Shopping Home Improvement – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 34: Philippines Buy Now Pay Later Travel – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 35: Philippines Buy Now Pay Later Travel – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 36: Philippines Buy Now Pay Later Travel – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 37: Philippines Buy Now Pay Later Media and Entertainment – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 38: Philippines Buy Now Pay Later Media and Entertainment – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 39: Philippines Buy Now Pay Later Media and Entertainment – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 40: Philippines Buy Now Pay Later Service – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 41: Philippines Buy Now Pay Later Service– Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 42: Philippines Buy Now Pay Later Service – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 43: Philippines Buy Now Pay Later Automotive – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 44: Philippines Buy Now Pay Later Automotive – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 45: Philippines Buy Now Pay Later Automotive – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 46: Philippines Buy Now Pay Later Healthcare and Wellness – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 47: Philippines Buy Now Pay Later Healthcare and Wellness – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 48: Philippines Buy Now Pay Later Healthcare and Wellness – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 49: Philippines Buy Now Pay Later Others – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 50: Philippines Buy Now Pay Later Others – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 51: Philippines Buy Now Pay Later Others – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 52: Philippines Buy Now Pay Later by Age Group – Gen Z (15-27) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 53: Philippines Buy Now Pay Later by Age Group – Millennials (28–44) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 54: Philippines Buy Now Pay Later by Age Group – Gen X (45 – 60) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 55: Philippines Buy Now Pay Later by Age Group – Baby Boomers (60+) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 56: Philippines Buy Now Pay Later by Income Level – Tier 1 – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 57: Philippines Buy Now Pay Later by Income Level – Tier 2 – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 58: Philippines Buy Now Pay Later by Income Level – Tier 3 – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029