With this set up, merchants who do not have a merchant account can now accept online credit card payments with minor requirements to comply.
The popularity of online marketplaces has created the urge among Filipino consumers to transact online. Men and women of all ages are now learning to embrace online shopping as part of their daily lifestyle. Tangible products, perishable goods and even services can now be purchased from across the Philippines with just a few clicks.
As a result, online retailing has taken the country by storm for the last 5 years. Studies have also shown that the Philippine ecommerce industry is expected to grow to USD 2 billion by the end of 2015. This presents huge business opportunities for startups and small merchants who wish venture into the online landscape.
Card penetration in the Philippines may still be relatively low but banks nowadays are working aggressively to increase their cardholder base. Despite its low penetration rate, credit card payments still remain to be one of the top online payment methods utilized in the country.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now