According to the press release, in 2018, Philippine ecommerce had a market revenue of EUR 742 million, the country having a population of over 105 million people. Its annual growth rate projects an expected market volume of EUR 1,168 million by 2022. Therefore, this region requires more alternative options to service their ecommerce community, given that only 3% of the population currently has a credit card.
Solutions like Dragonpay, BancNet, and PayCash, which are amongst the newly integrated alternative payment methods, provide more cash-based solutions in which someone may deposit money into their account or pay for online goods/services at a physical branch with cash. Moreover, Globe GCASH is a mobile wallet that enables customers to replenish their digital wallet in store or link it to their bank account.
The majority of these options are supported by some of the largest retail chains in the Philippines as well as many of the region’s banks. They create more options for the population to turn their physical cash into digital cash to spend online.
Earlier in 2019, Allied Wallet has added several new payment options in Norway to support its growing ecommerce landscape.
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