Manila, Philippines – A recent report from financial services firm UnaCash found that mobile commerce in the Philippines is projected to increase by around US$11.1b, making up 25.9% of the country’s digital commerce landscape.
In a recent statement, the firm noted a 20.4% year-on-year growth in the mobile commerce sector, which encompasses online transactions on wireless devices such as smartphones, smartwatches, and tablets. Along with this, the market is also expected to reach US$9.2b by the end of this year.
It was also observed that the demand for ‘Buy now, pay later’ (BNPL) options continues to increase, with services anticipated to be responsible for 30% of m-commerce volume in the coming year.
At the same time, an increasing demand for financial flexibility was also highlighted, as more consumers use mobile devices for purchases, and many of them prefer installment payments.
Interestingly, the report also outlined various factors driving the growth of mobile commerce and BNPL. In fact, as of 2023, smartphone penetration stood at 73.7% in the Philippines, 51.2% on a global scale, and 62.1% within Southeast Asia.
Speaking about the report, Erwin Ocampo, head of product at UnaCash, commented, “Mobile commerce is reshaping consumer expectations in the Philippines, with BNPL contributing to its impact.”
“It’s clear that those who adapt to this shift will see long-term gains in market share and customer loyalty,” added Ocampo.
In addition, mobile commerce is expected to make up 13.2% of the country’s total retail market, forecasted to reach US$83.7b by 2025. The company also recorded an estimated 87.4 million digital commerce users in the country, exceeding the population aged 15+ by 6%.
