The “buy now, pay later” (BNPL) market in the Philippines has seen significant growth, with one in four Filipinos having used the service between 2018 and the end of 2024, data from UnaCash showed.
UnaCash said 28.4 million Filipinos had used BNPL by the end of 2024, up 40 percent from 20.3 million users in 2023.
“Filipinos are embracing the flexibility of BNPL, and businesses are using it to improve customer access and satisfaction,” UnaCash head of product Erwin Ocampo said.
The Philippines ranked second in Southeast Asia for BNPL penetration rate, behind Singapore’s 31.36 percent, and ahead of Malaysia, Thailand and Indonesia, UnaCash said.
In digital commerce, Singapore led the region with 32.3 percent of users opting for BNPL, followed by the Philippines at 30.36 percent, Indonesia at 23.51 percent, Malaysia at 22.09 percent and Vietnam at 19.74 percent, the data showed. Othel V. Campos
