The most popular payment methods in Indonesia

With a population of 111.6 million, the Philippines is one of Southeast Asia's fastest-growing e-commerce markets, now worth over $37 billion following a 400% surge in the past 5 years. With a tech-savvy, youthful population driving the rise of online shopping, alternative payment methods (APMs) like digital wallets and mobile banking are becoming essential for success.

Tapping into the Philippines offers cross-border sellers access to a rapidly growing e-commerce market driven by a large population with increasing demand for international products.

The Filippino e-commerce market is worth US$20 billion and is set to grow to US$33 billion by 2027.

The total transaction value in the digital payments market is projected to reach US$107.40bn in 2025. Plus, the total transaction value is expected to show an annual growth rate (CAGR 2025-2029) of 28.42%, resulting in a projected total amount of US$292.10bn by 2029.

The expansion of the digital payments market in the Philippines is driven by increasing smartphone penetration, a tech-savvy population, growing e-commerce adoption, government initiatives promoting financial inclusion, the rise of fintech platforms, and a shift toward cashless transactions (accelerated by the COVID-19 pandemic).

The latest statistics show that Filipino consumers with e-wallet accounts expanded by 52.8%, from 257.5 million accounts in 2022 to 393.6 million accounts in 2023. In addition, e-money transaction volume grew to 10.6 billion in 2023, up by 40.2% from 7.6 billion in 2022.

However, cash on delivery accounted for 14% of online spending in 2023, among the highest rates in the world. Many Filipino consumers prefer paying by cash due to trust issues, wanting to inspect goods for defects and authenticity prior to payment.

The most popular digital wallets in The Philippines are GCash, PayMaya, Coins.ph, GrabPay and ShopeePay.

Studies show that 54% of online shoppers have purchased cross-border, particularly fashion (clothes, footwear), as well as beauty and personal care products.

The digital economy in The Philippines has exploded in the last five years. The preferred payments there are digital wallets, followed by credit cards, then A2A and cash on delivery.

The most popular alternative payment methods (APMs) in The Philippines are digital wallets including GCash (the largest e-wallet in The Philippines), CoinsPh, Maya and GrabPay.

Elsewhere, services like Billease, TendoPay, and Home Credit offer "buy now, pay later" options, while payment hubs like Cebuana Lhuillier, Palawan Express, and LBC are popular for cash-based payments linked to e-commerce or bills.

By utilising The Philippines’ range of alternative payment methods (APMs), you can reduce cart abandonment, improve conversions, and provide a seamless customer experience.

Ecommpay supports multiple payment methods in The Philippines, including online banking, virtual accounts, digital wallets, QR code solutions, and bank transfers.

A cost-effective, easy-to-integrate payment method offering broad bank coverage, making it a great addition to your payment channels.

The largest e-wallet in the Philippines, GCash is a must-have tool for consumers and merchants alike. With a vast range of services, multiple security layers, and bonus programmes, it’s the go-to payment solution for millions of people.

With 18 million users, CoinsPh is a versatile digital wallet that simplifies payments, boosts conversions, and provides a smooth checkout experience.

Whether people need a wallet or a full-service digital bank, Maya is a powerhouse in the Philippines with millions of active users. Its user-friendly experience and QRPh support make it an essential tool for reaching a wider audience.

Launched in 2019, QRPh has quickly gained popularity, growing by over 300% in just three years. This secure, convenient, QR code-based payment method can be used with apps like GCash, GrabPay, and Maya.

Integrated into Southeast Asia’s leading super app, GrabPay is a top digital wallet in the Philippines. Its growing user base is a key factor in why businesses are adopting this payment method.

Stable, established and dependable, bank transfers offer low-cost, secure payments, with over 20 banks supported and widely used for both domestic purchases and payouts.

At Ecommpay, we are committed to supporting our customers in growing their businesses into new markets. Our experts can advise you on the payment methods you need to reach new customers in the Philippines and watch your conversion rates soar.

Let’s grow, together