The Buy Now, Pay Later (BNPL) market in the Philippines has experienced rapid growth, with more than one in four Filipinos trying the service at least once between 2018 and the end of 2024.
According to new data from UnaCash, BNPL usage in the country soared to 28.4 million unique users by the close of 2024—marking a 40% jump from the 20.3 million recorded in 2023.
When compared to its Southeast Asian neighbors, the Philippines ranked second in BNPL penetration rate relative to total population. Singapore led with a 31.36% penetration rate (1.9 million users out of 6.05 million people), followed by the Philippines at 28.39%. Malaysia came in third at 22.09% (8.15 million users), trailed by Thailand at 18.72% (13.46 million users), and Indonesia at 17.89% (50.3 million users).
In terms of digital commerce behavior, Singapore also topped the list for BNPL usage with 32.30% of users opting for the service, followed by the Philippines at 30.36%. Indonesia (23.51%), Malaysia (22.09%), and Vietnam (19.74%) rounded out the top five.
These figures underscore the growing popularity of BNPL as a flexible payment method, helping to fuel digital commerce across the region. Internal behavioral data from UnaCash further revealed that Filipino consumers primarily use BNPL for purchasing electronics and gadgets—especially through mobile platforms. With technology rapidly evolving, demand for such products continues to drive the expansion of BNPL services.
“Filipinos are clearly embracing the flexibility and convenience that buy now, pay later services offer,” said Erwin Ocampo, Head of Product at UnaCash. “Businesses are also recognizing BNPL as a key strategy to enhance customer accessibility and satisfaction.”
Looking ahead, UnaCash projects continued momentum for the BNPL market in the Philippines, forecasting penetration to reach 28.39% of the population by the end of 2025. Among digital commerce users specifically, usage is expected to climb even higher, reaching 34.24%.
“Flexible payment options are quickly becoming a standard expectation—especially among Gen Z and Millennials,” Ocampo added. “By partnering with financial service providers, businesses can better adapt to evolving consumer needs and position themselves for long-term success in an increasingly competitive landscape.”