Phl makes headway in digital payments

The Philippines is making significant strides in the digital payment landscape across Southeast Asia as the use of buy now pay later (BNPL) and point-of-sale (POS) among Filipinos showed significant growth, as of July this year, according to financial technology firm UnaCash.

- KEISHA TA-ASAN

Based on the latest report from UnaCash, BNPL adoption in the Philippines has grown over the past few years as the share of users rose to 24.7 percent as of July, expanding by 9.6 times since 2018.

This placed the Philippines among the top three countries in Southeast Asia in terms of BNPL adoption. The stable share of users also reflected a strong consumer shift toward flexible payment solutions.

UnaCash also recorded a monthly increase of 3.3 percent for BNPL users aged fifteen and above, from September 2018 until July 2024.

Erwin Ocampo, head of product for UnaCash, said there is growing appetite for BNPL services in the Philippines, driven by increased e-commerce and a rising preference for convenient financial options.