With an internet-using population of approximately 76.2 million, the Philippines is one of Asia’s most dynamic and fastest-growing economies. Recent statistics from Statista suggest that nearly 62.5% of users have made online purchases in the recent quarter. The internet revolution has encouraged businesses to promote online payment methods, making a robust digital payment system essential. This article will explore the top 12 payment gateways in the Philippines and their key features, helping you choose the right one for your online business.
Current Payment Solution Landscape in the Philippines
Historically, a significant portion of the Philippines’ population was unbanked, and digital payments accounted for only 1% of transactions in 2015. However, the situation changed significantly after the pandemic, with cashless transactions gaining popularity, especially among the youth. According to Statista, 89% of respondents aged 35 to 44 made online payment transactions in February 2020. The booming e-commerce industry, supported by government efforts, played a pivotal role in the transformation of the digital economy. With almost 200 fintech companies operating in the country, electronic payment facilities are on the rise.
Criteria to Look Out For in Payment Gateways in the Philippines
With multiple payment gateway providers offering services in the Philippines, it’s important to choose the right one for your business. Consider these criteria when selecting the best payment gateway:
Reliability:
Your payment gateway should be highly reliable as it handles sensitive business and customer data. Check the provider’s background and user reviews for reliability.
Supported Currencies:
Choose a payment gateway that supports multiple currencies, especially if your business operates internationally.
Payment Options:
Ensure the gateway supports various payment methods such as hosted payment pages, drop-in widgets, and mobile app and API integrations to facilitate smooth check-out conversions.
Market Integrations:
Opt for a payment gateway with seamless integration and quick onboarding to reduce development costs and save time.
Security:
Prioritize payment gateways with advanced security features, including GDPR and PCI Level compliance.
Pricing and Other Fees:
Understand the pricing structure and fees associated with each payment gateway, as they can vary based on currencies and payment methods.
12 Best Philippines Payment Gateways
PayPal:
Globally recognized payment gateway with 24/7 transaction monitoring and strong security features.
Supported Currencies: PayPal supports 23 currencies, including the Philippine peso (PHP).
Approval & Onboarding Time: 2-3 days.
eCommerce Integration: Shopify, Magento 2, WooCommerce, Wix, Shopee.
Rapyd:
Emerging payment gateway that simplifies digital payment methods.
Supported Currencies: Supports more than 103 currencies, including PHP.
Approval & Onboarding Time: Up to 30 days.
eCommerce Platform Integration: Shopify, Magento, Wix, WooCommerce, Ecwid, Prestashop.
Directa24:
Fast-growing payment gateway focused on enhancing digital payment solutions.
Supported Currencies: Supports 26 currencies, including PHP.
Approval & Onboarding Time: Approved in 3-5 working days.
eCommerce Platform Integration: Wix, Magento, Shopify.
Dragon Pay:
Well-established payment system in the Philippines offering various payment methods.
Supported Currencies: Supports around 20 currencies internationally.
Approval & Onboarding Time: Two working days.
eCommerce Platform Integration: EasyBuilder.Pro, AVON, Shopee, MetroDeal.
PayMongo:
Ideal for online sellers with no setup and monthly charges.
Supported Currencies: Philippine peso.
Approval & Onboarding Time: Seven working days.
eCommerce Platform Integration: Shopify, Prosperna.
2C2P:
Singapore-based payment platform serving big enterprises for global online payments.
Supported Currencies: Supports 45 currencies worldwide.
Approval & Onboarding Time: 2 working days for approval.
eCommerce Platform Integration: Shopify, WooCommerce, Magento, PrestaShop, OpenCart.
PesoPay:
Offers secure payment solutions to local merchants and customers in the Philippines.
Supported Currencies: Philippine peso (PHP).
Approval & Onboarding Time: 7 business days.
eCommerce Platform Integration: EasyStore, Magento, OsCommerce, LiteCommerce, Drupal.
dLocal:
Financial technology company connecting global merchants and consumers.
Supported Currencies: Supports 35 currencies globally.
Approval & Onboarding Time: Two business days for approval.
eCommerce Platform Integration: Shopify, Magento, Drupal.
PayMaya Enterprise:
A Philippines-based financial company processing digital transactions.
Supported Currencies: Accepts Philippine Pesos.
Approval & Onboarding Time: 1-2 working days.
eCommerce Platform Integration: Shopify, Magento, WooCommerce, Cafe24.
GCash Payment:
Licensed by BSP e-money issuer and maintained by Bangko Sentral ng Pilipinas.
Supported Currencies: Supports the Philippines Peso.
Approval & Onboarding Time: 30 minutes.
eCommerce Platform Integration: Shopee, Magento, WooCommerce.
Adyen:
Offers end-to-end payment gateway and financial management services.
Supported Currencies: Supports all major currencies, including the Philippines Peso.
Approval & Onboarding Time: Immediate approval (depends on size and category).
eCommerce Platform Integration: Magento, Hybris, Commerce Cloud.
Xendit:
Digital payment system based in Jakarta, offering reliability and credibility.
Supported Currencies: Supports IDR, PHP, USD, SGD, and MYR.
Approval & Onboarding Time: Five business days to go live.
eCommerce Platform Integration: Magento, WooCommerce.
Navigating Complex Payment Scenarios with Web Technology Expert
Integrating multiple payment gateways can be complex and costly for businesses. Web Technology Expert simplifies the process by allowing you to integrate a variety of payment methods with a single click. It offers a secure, no-code payment setup experience that can improve check-out conversions by up to 12%. With Web Technology Expert, you can focus on your business without worrying about the complexities of payment systems.
Choose Web Technology Expert to simplify your payment gateway integrations in the Philippines and provide your customers with a seamless shopping experience.