Alternative payments are increasingly being preferred for online purchases in the Philippines, according to GlobalData, a leading data and analytics company.
Alternative payment solutions collectively accounted for over a third of share in the overall e-commerce payments in 2023, it said.
“Philippines e-commerce market is experiencing strong growth, driven by factors such as rising internet penetration, improving logistics, a rise in the number of middle-income families, and increasing confidence in online payments. With a preference for online shopping due to its ease and time-saving benefits, Filipinos are embracing digital platforms, making e-commerce an integral part of their shopping experience,” said Kartik Challa, senior banking and payments analyst at GlobalData.
According to GlobalData’s 2023 Financial Services Consumer Survey, 88.2 percent Filipino consumers reported having shopped online in the past six months, while only 7 percent said they never shopped online.
The Filipino e-commerce market grew by 27.8 percent in 2023 to P1.1 trillion ($20.6 billion), driven by a large young population and rising internet and smartphone penetration. It is expected to continue the strong momentum, growing by 23.3 percent to P1.4 trillion ($25.4 billion) in 2024, Global data said.
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