Strong demand for payment services in the Philippines has resulted in the emergence of competing payment platforms. Banks need to start addressing the competition, or risk losing out on the payment front.
According to Datamonitor statistics, the emerging Asia Pacific economies are set to have a greater number of millionaires than Western Europe by 2013. This largely results from the emergence of the Indian and Chinese economies, which have experienced significant export-driven growth. Internal demand is also becoming increasingly important, and is helping to increase the number of millionaires.
Due to the geographic nature of the Philippines, it is currently very difficult for banks and retailers to reach every island in the nation. However, the emergence of online and mobile payment services will resolve the issue of cost, with payment providers set to benefit from the country's young population and accelerating economic growth.
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