TransUnion, the global information and insights company, said the credit card market in the Philippines continued to experience growth, with opportunities for further expansion through greater financial inclusion.
The credit card penetration rate, or the percentage of adults holding at least one credit card, reached over 15 percent in the same period. These trends represent a growth of around 20 percent in both overall volume and penetration rate in 2023, it said. A deeper dive into the TransUnion insights showed that Gen Z Filipinos are emerging as significant contributors to the increase in credit card originations.
Data from TransUnion’s first-quarter 2024 Philippines Consumer Pulse Study gave additional insights into factors positively affecting active credit participation among younger Filipinos.