Top 12 Payment Gateways in the Philippines That You Need To Know About

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Anta Pattabiraman

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April 19, 2022

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With an internet-using population of approximately 76.2 million, the Philippines is Asia's one of the most dynamic and fastest-growing economies. As some recent statistics on Statista suggest, almost 62.5% of the users have purchased something online in the recent quarter.  The internet revolution has made businesses encourage their consumers to opt for online payment methods. Therefore, a robust digital payment system has become essential for digital payment users. That’s why E-wallets and online payment gateways are emerging in the country with a handful of options. 

If you are looking for the best payment gateways for your online business in the Philippines, you have come to the right place. Here, in this article, we will discuss the top 12 payment gateways in the Philippines and their best features. Have a look now!

Current payment solution landscape in the Philippine

The Philippines has had a significant portion of its population unbanked. Digital payment systems in 2015 only accounted for 1% of transactions. However, the scenario has changed quite a bit after the pandemic as cashless transactions gained widespread popularity among the youth. According to the survey data on Statista, 89% of its respondents in the age group of 35 to 44 years had made online payment transactions within Feb 2020.

The booming e-commerce industry, with collective efforts from the government, played a crucial role in the transformation of the digital economy in the Philippines. Almost 200 fintech companies are operating in the country, aiming to provide better facilities in terms of electronic payments. 

Criteria to Look Out For Payment Gateways in the Philippines

Multiple payment gateway providers are trying to offer the best consumer experience in the Philippines. However, only a few are reliable and come with various international currency support and other required features. Thus, before choosing one particular payment gateway for your business, it’s always a better option to weigh your choices. Check out the criteria you must consider while selecting the best payment gateways for your business.

1. Reliability

A payment gateway handles numerous sensitive business details from your business data to sensitive customer payment information. Therefore, checking how reliable the payment gateway provider is highly crucial when it comes to choosing the best payment gateway. In addition, you can examine the provider’s background and of course the users’ reviews to get an idea about the particular payment service provider.

2. Supported Currencies

Undoubtedly, you want to use a payment gateway that supports multi-currencies. This becomes more crucial if your business operates internationally. To ensure a smooth payment procedure for international transactions, you need a payment system that offers transactions in multiple currencies. 

3. Payment Options

Customers often use different payment options to perform digital transactions. Therefore having a system that easily works with multiple payment procedures such as hosted payment pages, drop-in widgets, and mobile app and API integrations are essential to maintaining healthy check-out conversions for your business.

4. Market Integrations

The best and smooth integration system with quick onboarding is required while expanding or including various payment gateways during the checkout. Having the best market integrations will reduce developers' expenses and valuable time.

5. Security

While no one wants to compromise their bank credentials or personal details, opting for payment gateways with state-of-the-art enterprise-grade security encryption is the best option. When choosing the payment gateway in the Philippines, look out if they are compliant with GDPR, PCI Level, etc.

6. Pricing and other fees

As far as pricing and fees of the particular payment gateways are concerned, there is often a lack of transparency along with certain service providers. The fees for payment gateways commonly change depending on the currency and payment method used by the consumers. Hence, it becomes quite hectic for businesses to keep a tab on it. Alongside that, there are payment gateways that charge unnecessary onboarding fees which can be avoided easily. 

12 Best Philippines Payment Gateways

12 Best Philippines Payment Gateways

1. PayPal

PayPal comes as one of the best payment gateway service providers globally. With an around-the-clock transaction monitoring system, anti-fraud technologies, and buyer protection, Paypal comes with impeccable security features for Filipinos. Also, the payment gateway offers a straightforward onboarding process for start-ups. 

Pricing and Other fees

  • Paypal charge 3.9% for domestic payment
  • For international transactions, it charges 4.4%

Accepted Payment Methods

  • All major credit, debit and Online banking.

Supported Currencies

  • Paypal supports 23 currencies globally, including the Philippine peso PHP.

Approval & Onboarding time

  • It takes 2 - 3 days.

eCommerce Integration

  • Shopify, Magento 2, WooCommerce, Wix, Shopee

Source of info: PayPal

2. Rapyd

Rapyd is another emerging payment gateway available in the Philippines. It is a private payment system based in the UK that aims to simplify the digital payment methods for global technology firms, e-commerce, and marketplaces.

Pricing and other fees

  • Rapyd charges 3.25%, including SGD $0.3, for all transactions.

Accepted Payment Methods

  • Debit/Credit cards, major eWallets, Bank transfers, and cash.

Supported Currencies

  • It supports more than 103 currencies globally and the Philippines ’ PHP.

Approval & Onboarding time

  • It can take up to 30 days for approval.

eCommerce Platform Integration

  • Shopify, Magneto, Wix, woo Commerce, Ecwid, and Prestashop

Source of info: Rapyd

3. Directa24

Emerging as the fastest-growing payment gateway, Directa24 works to improve digital payment solutions to enhance business services.

Pricing and other fees

  • It doesn't charge any administration fee via its gateway.

Accepted Payment Methods

  • It accepts DragonPay as the only payment method.

Supported Currencies

  • It supports a total of 26 currencies globally, including (PHP)

Approval & Onboarding time

  • Approved in 3 to 5 working days

eCommerce Platform Integration

  • Wix, Magento, Shopif

Source of info: Directa21

4. Dragon Pay

DragonPay is a well-established payment system in the Philippines with an expanding payment method from over-the-counter to banking, online, cash, and many more.

Pricing and other fees

  • Transaction charges are from PHP 10 to PHP 20 based on payment methods.

Accepted payment methods

  • Credit card, eWallets, OTC baking, non-banking, and online banking

Supported Currencies

  • It supports around 20 currencies internationally.

Approval & Onboarding time

  • It takes two working days.

eCommerce Platform Integration

EasyBuilder.Pro, AVON, Shopee, MetroDeal 

Source of info: DragonPay

5. PayMongo

PayMongo is a highly entertaining payment system in the Philippines, especially for online sellers and big-box sellers, as it doesn't demand set-up and no monthly charges.

Pricing and other fees

  • Credit/debit card - 3.5%
  • EWallets - 2.9%
  • OTC and Coins.Ph - 1.5%

Accepted payment methods

  • It accepted credit/debit cards, online banking, eWallets, OTC banking, and non-banks.

Supported Currencies

  • Philippines peso 

Approval & Onboarding time

  • Seven working days

eCommerce Platform Integration

  • Shopify, Prosperna

Source of info: Prosperna, PayMongo

6. 2C2P

2C2P, a cash and card patent processor, is a Singapore-based payment platform. It provides services to big enterprises to accept online payment globally.

Pricing and Other Fees

  • Transactions charges from 3.75% to 4.20% depending upon the card used.

Accepted Payment methods

  • Credit/debit cards, eWallet, and online bank transfer

Supported Currencies

  • It supports 45 currencies worldwide.

Approval & Onboarding time

  • 2 Working days for approval

eCommerce Platform Integration

  • Shopify, Woo Commerce, Magento, PresaShop, OpenCart

Source of info: 2C2P

7. PesoPay

E-payment service provider AsiaPay has launched PesoPay. It mainly aims to provide easy online payment solutions to local merchants and customers in the Philippines. PesoPay comes with an in-built fraud management system with TLS 1.2 encryption, making it one of the Philippines' most secure payment gateway service providers. 

Pricing and Other fees

  • Annual set-up charges based on received payments

Accepted payment methods

  • Credit, online bank payment, ATM, non-bank payments and PayPal

Supported Currencies 

  • It supports only (PHP)

Approval & Onboarding time

  • 7 business days

eCommerce Platform Integration

  • EasyStore, Magento, OsCommerce, LiteCommerce, Drupal

Source of info: PesoPay

8. dLocal

Incorporated in 2016, dLocal is a financial technology company providing services across borders connecting global merchants and consumers.

Pricing and other fees

  • Charges for merchants range from 2.7% to 7%

Accepted payment methods

  • Local Credit/debit card, Bank transfers, eWallets, cash payments

Supported currencies

  • It supports 35 currencies globally.

Approval & Onboarding time

  • Two businesses days for approval

eCommerce Platform Integration

  • Shopify, Magento, Drupal

Source of info: dLocal, Rapyd, thepaypers

9. PayMaya enterprise

Launched in 2007, PayMaya is a Philippines financial company that processed over $1 billion in digital transactions in 2016.

Pricing and other fees

  • It charges 1.5% to 3.5% per transaction based on different payment methods.

Accepted Payment Methods

  • Visa, Mastercard, JCB Credit/debit card payment.

Supported Currencies

  • It accepts Philippine Pesos

Approval & Onboarding time

  • 1 to 2 working days

eCommerce Platform Integration

  • Shopify, Magento, Woo Commerce, Cafe24

Source of info: PayMaya

10. GCash payment

GCash payment is licensed by BSP e-money issuer, and maintained by Bangko Sentral ng Pilipinas. With more than 55 million users and 4.5 million merchants, it provides the best digital payment gateways.

Pricing and other fees

  • Bank Transfer PHP 15
  • Cash in 2% charges

Accepted payment methods

  • eWallet payment methods

Supported currencies

  • It supports the Philippines Peso

Approval & Onboarding time

  • 30 minutes

eCommerce Platform Integration

  • Shopee, Magento, WooCommerce

Source of info: Adyen, Gcash

11. Adyen

Adyen boasts the first end-to-end payment gateway and financial management services. They help merchants and consumers with reliable and fast payment gateway services across the Philippines.

Pricing and other fees

  • No set-up fees
  • $PHP 30 Transaction charge 

Accepted payment methods

  • Credit/debit cards, Bank transfers, mobile payments, and eWallet payments

Supported currencies

  • Support all major currencies, including the Philippines Peso

Approval & Onboarding time

  • Instant approval

eCommerce Platform Integration

  • Magento, Hybris, Commerce cloud

Source of info: Adyen

12. Xendit

Based in Jakarta, Xendit is a digital payment system that started in 2020. Reliability and credibility make it the best payment gateway for an individual to merchant transactions.

Pricing and other fees

  • Every transaction charged 12% VAT.

Accepted payment methods

  • Credit/debit card, Mastercard, eWallets, Pay later - BillEase.

Supported currencies

  • It supports IDR, PHP, USD, SGD, and MYR

Approval & Onboarding time

  • Five business days to go live

eCommerce Platform Integration

  • Magento, woo Commerce

Source of info: Xendit

Local payment gateways and the rising complexities for businesses

The plethora of digital payment gateways providing services in the Philippines often creates complexity. Things become complicated for customers and companies as the cost of integrating multiple payment methods becomes higher with specific payment gateways.  Integrating numerous gateways often increases the expenses and takes more workforce to manage them manually. 

Fortunately, with our flexible pricing plans, inai resolves this problem. From Grabpay, Bitpay, PayPal, Coins.ph to DragonPay, Paymaya, Gcash, inai lets you integrate whatever payment methods suit your consumer needs.

How inai helps you address multiple payment gateway integrations in the Philippines?

inai lets you integrate multiple payment methods and payment gateways across regions with a single click of a button. Whether your business operates domestically or serves an international market inai offers a secure, no-code payment setup experience for Filipinos. It takes less than an hour to get your payment method ready and running with inai. Your check-out conversions can be expected to improve by upto 12% once you choose inai as your payment orchestrator. In addition, your customers will always get to choose their preferred payment method, which will ensure a smooth shopping experience.

The no-code setup ensures that you don't need to engage any additional workforce to look after the complexity surrounding payment systems. Hence, you can concentrate on the job at hand without any hindrances.

https://www.inai.io/demo
About the author
Anta Pattabiraman is the co-founder and CEO of Inai, a global payment stack simplifying native payments within a single integration. Over the last 5 years, he has worked with 200+ businesses ranging from SMEs to Bigtechs.
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