PH records rise in digital payments in 2020, indicates robust eCommerce

It is undeniable that the pandemic has compelled people to adopt a safer, faster, and contactless transaction to abate the spread of COVID19. This also led to the phenomenal growth of the eCommerce business in the country based on the report of the Department of Trade and Industry.

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As the economy is gradually opened following all the health and safety protocols, heading towards recovery from the pandemic is slowly being observed and people’s shopping habits are slowly returning. With the quarantine measures still in place, online purchasing has increased and the use of payment gateways, digital payments including contactless payments have become more popular.

Last October, online shopping in the Philippines shot up by 57%, a year-on-year upsurge more than double the average increase experienced by other countries in the ASEAN region. Filipinos spent 53% more time on shopping apps in the second quarter of 2020, clocking in 4.9 billion sessions in the platforms. Buyer confidence is on the rebound; according to the third quarter consumer survey of the Bangko Sentral ng Pilipinas (BSP) for 2020, Filipinos are more positive about the next 12 months, an outlook anchored on the promise of a vaccine and the easing of quarantine restrictions.

In mid-November, Southeast Asian e-commerce firm Lazada reported regional record sales during Single’s Day, which closed $100 million within the first hour (from midnight to 1:00 am), a number attained thrice faster than the previous year. Single’s Day 2020 had already been hailed as the largest shopping event in history with over $74 billion in overall revenue, but the shopping season is far from over; other sale dates are in close queue, such as post Christmas and New Year’s Day.  

Tech-driven consumer finance company Home Credit are among those innovating products to meet the increased demand for digital payments. Its credit card (which Home Credit offers to customers who avail of new gadget or appliance loans) feature new add-ons that serve the customer better for online payments and purchases. “Our credit card seamlessly interfaces with the company’s flagship platform, the My Home Credit App,” says Home Credit’s Chief Marketing Officer Sheila Paul.  “The customer now has an app-enhanced credit card experience that features contactless QR payments, e-services for buying load and paying bills, and more. We’ll soon be launching an online payment gateway—adding another convenient option for consumers to make payments even outside shopping platforms like Lazada.”   

“COVID-19 has accelerated the pace of digital technology and payments adoption. We believe this acceleration of change will continue and sustain, as more Filipinos shift into the new normal. Based on our data, one in four Visa cardholders who did not make any eCommerce transactions a year ago are buying online for the first time during the first half of this year. One third of new to eCommerce cardholders spent online on essential services, which includes purchase of pharmaceutical products and food & groceries,” said Dan Wolbert, Visa Country Manager for the Philippines & Guam. 

“Our aim, as the leading payments technology company is to work with partners such as Home Credit to continue developing and launching innovative and relevant digital payment solutions that are seamless, secure, and convenient, and help local businesses recover and thrive,” added Dan. 

“Apart from providing Filipinos with useful digital tools, we made sure our credit card is serving its purpose in making people’s financial loads lighter, especially during the pandemic,” adds Paul.  Home Credit currently provides a 1% rebate for every purchase, and cardholders can make repayments interest-free up to 45 days from the due date. Home Credit, and all credit card institutions have also lowered its interest rates to help in the country’s economic stimulus. Home Credit is the first non-bank to offer credit card services in the Philippines.

Hope has definitely been added to carts at this point.  People vigorously engaging economies could only mean there’s strong optimism for a post-COVID world—and that there’s no reason not to buy into it now.

About Home Credit Philippines

HCPH is a consumer finance provider that promotes the principles of financial inclusion and safe lending, providing world-class financing services to qualified customers, often first-time borrowers. Home Credit arrived in the Philippines back in 2013 with the ambitious goal of giving out loans to people who have never experienced them before. Within 7 years, HCPH has helped around 7 million customers buy the things they need through fast, convenient and affordable financing in thousands of stores around the country. In 2019, HCPH was also granted the license to operate as a credit card issuer by Bangko Sentral ng Pilipinas (BSP), making it the first non-bank institution in the country to issue credit cards. And now, as the consumer finance landscape continues its shift to digital, HCPH has transformed into a company that is there wherever the customers are, whether they are in the store or at home on their phones. HCPH continues to expand its digital and online presence, and now has nearly 5 million downloads of its My Home Credit app. HCPH is part of Home Credit B.V. (HCBV), an international consumer finance provider. More information on HCPH is available at

Home Credit N.V. (“HCNV”) is the Netherlands-based holding company for Home Credit’s global platform, which centrally manages its core strategy, technology, risk, product and funding functions while adapting to local market needs. HCBV is an emerging markets’ consumer finance specialist with operations in (1) Central & Eastern Europe including Czech Republic and Slovakia; (2) the Commonwealth of Independent States including Russia and Kazakhstan; (3) China and (4) South & South East Asia including India, Indonesia, Vietnam and Philippines. 

Founded in 1997, Home Credit focuses on responsible lending primarily to people with little or no credit history and is fully licensed to operate in its chosen markets. Home Credit drives and broadens financial inclusion by providing financing to under-serviced populations wherever and whenever they need through its omni-channel distribution network, while providing a positive and safe borrowing experience. 

HCNV has so far served over 131.6 million customers through a distribution network comprising approximately 451,882 points of sale, loan offices, branches, post offices and ATMs (as of 30 June 2019). Total consolidated assets reached EUR 26.5 billion. All figures in these Notes for Editors are as of 31 December 2019 unless otherwise stated. More information on HCNV is available

The 100% owner of HCNV is Home Credit Group B.V. (‘HCGBV’). In the year 2019, HCBV transferred to HCGBV several small-sized and non-core operations, including its business in the U.S. The results in this announcement are presented as if such small-sized and non-core operations were owned by HCGBV on 1 January 2018. HCGBV is a 91.12% subsidiary of PPF Financial Holdings B.V. 

PPF Financial Holdings is a 100% subsidiary of PPF Group N.V. (“PPF”). PPF invests into multiple market segments such as banking and financial services, telecommunications, insurance, real estate, metal mining, agriculture, retail and biotechnology. PPF’s reach spans from Europe to Russia, the USA and across Asia. PPF owns assets of EUR 48.6 billion (as of 31 December 2019). More information on PPF is available at

A minority stake (8.88%) of Home Credit Group B.V. is held by EMMA OMEGA LTD, an investment holding company ultimately owned by Mr. Jiří Šmejc. More information on Emma Capital is available at

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