Credit Finance Association "domestic issuer, the Philippines entered the answer."

[Gimseunghan financial newspaper reporter Korea] suggests that the domestic credit card companies report that they need to actively penetrate the Philippine market.

30 days Credit Finance Association, through the Philippine Card Market Status and Opportunities "report was presented to the implications for the Philippine market opportunities in the domestic credit card companies.

The report noted that the Philippines would be reduced gradually card market growth and cash payments. The Philippines is still a form of payment, financial infrastructure is less vulnerable to major cash card payment acceptance rate. However, we expect to gradually reduce the proportion of cash payments in the financial inclusion program, the impact of the Philippine central bank.

Most of the credit card payment in the Philippines is achieved by debit card. However, the Philippine economy and the middle class and the youth labor force growth is explained would be a major contribution to growth in the credit card market in Philippines. △ △ financing no annual fee credit card △ △ cashback rewards program benefits, including price incentives also predicted that Bring the power of the card market.

Domestic issuer that is also serves a variety of opportunities in the Philippines card market report it said. Philippine e-commerce market is growing at the fastest pace in Southeast Asia, it is expected to increase the demand for payment card accordingly. In addition, the Philippine government to advance its expansion of foreign banks expanding foreign stake limit of its banks from 60% to 100%, and has abolished the discriminatory regulation of foreign banks.

However, the Philippines is because the card issuer to increase the market share of the local bank requires a thorough review of the competitive landscape of the domestic financial institutions when jipip Philippines.



Daily Economic News Finance FNTIMES - commercial reprint, copy, distribute prohibited purposes under the Copyright Act
Copyright ⓒ Korea's Financial News & FNTIMES.com