Fintechs to drive growth in credit card issuance

CREDIT CARD ISSUANCES could grow faster this year, driven by heightened competition among financial technology (fintech) players, the Credit Card Association of the Philippines (CCAP) said.

- Aaron Michael C. Sy

“(Credit card issuance growth will] probably go faster because there’s more competition coming in. Fintechs are starting to land, but that’s also helpful to us because they're ushering in these noncredit borrowers into the credit market and eventually, we feel that they will trade up to a credit card,” CCAP Executive Director Alex G. Ilagan said at a media briefing on Tuesday.

Card issuance increased by 12% year on year to 18.5 million in 2025, Mr. Ilagan said, citing data from a quarterly survey of its members.

“It’s still quite low in terms of penetration, considering the adult population is probably 17 million — so, it’s very low penetration. We feel there’s still a very deep potential market that we can tap into.”

The entry of new fintechs gives consumers access to more credit products like buy now, pay later (BNPL), which could eventually lead to them getting credit cards, the official said.