With an internet-using population of approximately 76.2 million, the Philippines stands as one of Asia’s most dynamic and fastest-growing economies. Recent statistics from Statista show that nearly 62.5% of these users have made an online purchase in the recent quarter. This digital shift has spurred businesses to enhance their online payment systems, making a robust digital payment infrastructure crucial. E-wallets and online payment gateways are rapidly emerging, providing numerous options for both businesses and consumers.
If you’re exploring the Top 10 Payment Gateways in the Philippines, you’re in the right place. In this article, we’ll highlight the Top Payment Gateways in the Philippines and their standout features. Let’s dive into the Top Payment Gateways in the Philippines and discover which ones can best meet your needs.
The Current Payment Solution Landscape in the Philippines
Historically, a significant portion of the Filipino population was unbanked, with digital payment systems accounting for only 1% of transactions in 2015. However, the pandemic accelerated the adoption of cashless transactions, particularly among the youth. According to Statista, 89% of respondents aged 35 to 44 engaged in online payment transactions in February 2020.
The booming e-commerce industry, bolstered by government initiatives, has played a pivotal role in transforming the digital economy in the Philippines. With almost 200 fintech companies now operating in the country, the landscape for electronic payments is rapidly evolving.
Among the Top 10 Payment Gateways in the Philippines, various providers are competing to enhance electronic payment facilities. From established players to emerging innovators, these Top Payment Gateways in the Philippines are driving the growth of cashless transactions and improving access to digital payment solutions across the nation. As the sector continues to expand, understanding the Payment Gateways in the Philippines becomes crucial for businesses and consumers alike.
Criteria for Choosing Payment Gateways in the Philippines
When selecting a payment gateway for your business, consider the following criteria:
- Reliability: Ensure the gateway is trustworthy by examining the provider’s background and user reviews.
- Supported Currencies: Choose a gateway that supports multiple currencies, essential for businesses with international transactions.
- Payment Options: Look for a system that integrates various payment methods like hosted payment pages, mobile app integrations, and API integrations.
- Market Integrations: Opt for gateways that offer smooth integration with your existing systems, saving time and developer costs.
- Security: Prioritize gateways with strong security measures compliant with GDPR and PCI standards.
- Pricing and Fees: Be aware of the setup, transaction, and any hidden fees. Transparency is key to avoiding unexpected costs.
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Top 10 Payment Gateways in the Philippines
1. PayPal
Features: Known globally, PayPal offers robust security with anti-fraud technologies and buyer protection. It’s user-friendly, making it ideal for startups.
Pricing: 3.9% for domestic transactions; 4.4% for international transactions.
Supported Currencies: 23 currencies, including PHP.
Approval Time: 2-3 days.
eCommerce Integration: Shopify, Magento 2, WooCommerce, Wix, Shopee.
Official Website: PayPal
2. Rapyd
Features: Rapyd simplifies digital payments for global technology firms and e-commerce businesses.
Pricing: 3.25% per transaction.
Supported Currencies: Over 103 currencies, including PHP.
Approval Time: Up to 30 days.
eCommerce Integration: Shopify, Magento, Wix, WooCommerce, Ecwid, Prestashop.
Official Website: Rapyd
3. DragonPay
Features: Offers a wide range of payment methods, including over-the-counter, online, and cash payments.
Pricing: PHP 10 to PHP 20 per transaction.
Supported Currencies: Around 20 international currencies.
Approval Time: 2 working days.
eCommerce Integration: EasyBuilder.Pro, AVON, Shopee, MetroDeal.
Official Website: DragonPay
4. PayMongo
Features: Ideal for online sellers, PayMongo charges no setup or monthly fees and supports multiple payment methods.
Pricing: 3.5% for credit/debit cards; 2.9% for eWallets.
Supported Currencies: PHP.
Approval Time: 7 working days.
eCommerce Integration: Shopify, Prosperna.
Official Website: PayMongo
5. 2C2P
Features: A Singapore-based payment platform providing global payment processing.
Pricing: 3.75% to 4.20% per transaction.
Supported Currencies: 45 currencies worldwide.
Approval Time: 2 working days.
eCommerce Integration: Shopify, WooCommerce, Magento, PrestaShop, OpenCart.
Official Website: 2C2P
6. PesoPay
Features: Provides secure online payment solutions with advanced fraud management.
Pricing: Annual setup fees based on received payments.
Supported Currencies: PHP. Approval Time: 7 business days.
eCommerce Integration: EasyStore, Magento, OsCommerce, LiteCommerce, Drupal.
Official Website: PesoPay
7. dLocal
Features: Facilitates cross-border payments for global merchants.
Pricing: 2.7% to 7% per transaction.
Supported Currencies: 35 currencies globally.
Approval Time: 2 business days.
eCommerce Integration: Shopify, Magento, Drupal.
Official Website: dlocal
8. PayMaya Enterprise
Features: A leading fintech company in the Philippines, providing a wide range of digital payment solutions.
Pricing: 1.5% to 3.5% per transaction.
Supported Currencies: PHP.
Approval Time: 1 to 2 working days.
eCommerce Integration: Shopify, Magento, WooCommerce, Cafe24.
Official Website: PayMaya Enterprise
9. GCash
Features: A popular e-wallet in the Philippines with millions of users and merchants.
Pricing: PHP 15 for bank transfers; 2% for cash-ins.
Supported Currencies: PHP.
Approval Time: 30 minutes.
eCommerce Integration: Shopee, Magento, WooCommerce.
Official Website: GCash
10. Directa24
Features: A fast-growing gateway that supports various payment methods.
Pricing: No administration fee.
Supported Currencies: 26 currencies, including PHP.
Approval Time: 3 to 5 working days.
eCommerce Integration: Wix, Magento, Shopify.
Official Website: Directa24
Conclusion
The digital payment landscape in the Philippines is rapidly evolving, with numerous gateways offering diverse features tailored to the needs of both businesses and consumers. By understanding the criteria and carefully evaluating each option, you can select the best payment gateway for your business to enhance customer satisfaction and drive growth.
For seamless integration of multiple payment methods, consider platforms like inai, which offer a no-code setup, ensuring a hassle-free payment experience for your customers and boosting your checkout conversions. As you explore the Top 10 Payment Gateways in the Philippines and weigh the Top Payment Gateways in the Philippines, make an informed choice to pave the way for your business’s success in the digital economy.
Disclaimer:
The list of entities provided here is intended for informational purposes only and does not constitute a recommendation, endorsement, or advice. We make no representations or warranties regarding the accuracy, reliability, or completeness of the information. Readers are strongly encouraged to perform their own research and due diligence before making any decisions related to these organizations. This list is a generic compilation and is not associated with Cosmopolitan The Daily Business Awards or its award winners. We assume no responsibility or liability for any outcomes resulting from actions taken based on this information, including, but not limited to, financial or contractual commitments.