The Philippines has seen a rise in point-of-sale (POS) usage, according to financial solutions provider UnaCash. As of July 2024, 33.1% of adults aged 15 and older now use POS services, up from just 3.2% in September 2018.
According to UnaCash, this tenfold growth shows the increasing shift toward digital payments and the widespread use of mobile commerce.
While Indonesia leads Southeast Asia with a 67.5% share of POS users, the Philippines ranks second, outperforming countries like Vietnam (4.5%), Malaysia (2.8%), and Singapore (1.6%). UnaCash attributed this growth to the adoption of self-service kiosks and improved e-commerce platforms.
“POS adoption reflects the country’s increasing digitalization and the widespread use of mobile payment solutions,” Erwin Ocampo, head of product for UnaCash, said in a media release.
In addition to POS, the Philippines has also experienced a rise in Buy Now, Pay Later (BNPL) services. The country’s share of BNPL users grew 9.6 times since 2018, reaching 24.7% by July 2024. This positions the Philippines among the top three BNPL adopters in Southeast Asia, trailing behind Singapore (75.4%) and Vietnam (24.9%).
With increased e-commerce activity and consumer demand for flexible financial options, the Philippine market shows potential for further growth in both POS and BNPL services.