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Philippines sees 40% surge in BNPL users by end of 2024

Mon, 31st Mar 2025

The Buy Now, Pay Later (BNPL) market in the Philippines has experienced substantial growth in recent years, as new data indicates a significant rise in the number of unique users engaging with these services.

UnaCash, a provider of digital financial solutions, released insights revealing that 28.4 million Filipinos had utilised BNPL services by the end of 2024, marking a 40% increase from the 20.3 million users recorded in 2023. This development places the Philippines second in Southeast Asia for BNPL penetration rate, with 30.36% of its population opting for these flexible payment methods.

This position sees the Philippines trailing only behind Singapore, which boasts a penetration rate of 31.36%, equating to 1.9 million users from a total population of 6.05 million. Malaysia holds the third position with a 22.09% penetration, followed by Thailand at 18.72%, and Indonesia at 17.89%.

When comparing digital commerce users who favour BNPL options, Singapore leads at 32.30%, followed closely by the Philippines at 30.36%. The other notable markets include Indonesia (23.51%), Malaysia (22.09%), and Vietnam (19.74%).

These statistics underscore the increasing use of BNPL as a preferred payment option, which plays a pivotal role in the advancement of the digital marketplace. UnaCash's internal behavioural data highlights that the primary consumer focus is purchasing gadgets and electronics, especially via mobile devices, as technological advancements continue to drive demand in these sectors.

Erwin Ocampo, Head of Product for UnaCash, noted, "Filipinos are clearly embracing the flexibility and convenience that buy now, pay later services offer, and businesses are embracing this critical strategy to enhance customer accessibility and satisfaction."

Looking to the future, UnaCash forecasts a further increase in BNPL usage in the Philippines, anticipating penetration to reach 28.39% of the total population by the end of 2025. Projections also indicate a strong growth trajectory among digital commerce platform users, with expected usage rising by 34.24%.

Ocampo added, "Flexible payment options are becoming the norm, a main selling point especially among GenZs and Millennials. Embracing partnerships with financial services players is a way for businesses to meet the shifting demands of consumers and position themselves for long-term success in the competitive marketplace."

The continued rise of Buy Now, Pay Later services in the Philippines reflects a growing consumer preference for flexible payment options, especially among younger generations. As BNPL adoption surges, businesses are presented with new opportunities to cater to this demand, offering more accessible payment solutions. With strong growth anticipated in the coming years, BNPL services are set to play a crucial role in shaping the future of digital commerce in the region.

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