Learn about payments, e-wallets, and digital banking driving the Philippines’ rapid fintech growth, with 59.3 million mobile app users by 2023.

According to a recent estimate from consumer credit agency Digido, the adoption rate of financial technology among the population in the Philippines aged 15 and over through mobile apps may rise by 72.2% – to 59.3 million users – by the end of 2023.

According to Digido’s most recent research, fintech adoption is still increasing throughout the world, and the Philippines is not an exception. The consumer credit agency disclosed that it anticipates the payments and transfers segment (+17.6%) to be a major driver of this anticipated expansion in adoption.

The remaining divisions that also contributed to the increase of this indicator were e-wallets (+4.9%), digital banking (+4.3%), digital investing (+3.7%), and digital lending (+0.9%).

In the Philippines, the adoption rate of fintech services among those who are 15 years of age and over increased from 64.4 percent in 2021 to 69.3 percent in 2022. Similar to the rest of the region, the e-commerce industry was the biggest contributor, with adult adoption rates in the Philippines expected to be close to 100% by the end of 2022.

Philippines’ “Fintechization”

Digido found that among the 867 fintech applications now in use in the Philippines, digital banking and e-wallets are the most popular, with 163 (18.8%) and 134 (15.5%), respectively. Payments and transfers come in second with 104 (11.9%). Last but not least, digital lending scored 84 (9.6%) and wealth management had 86 (9.9%).

The download growth rate for the payments and transfers segment was 11.3 percent per month from 2018 to 2022, followed by the business management segment (10.7 percent) and the financial advisers segment (8.4 percent).

“The findings from our report indicate that the inertial movements towards the population’s ‘fintechization’ are going from strength to strength,” said Farit Shakirov, country manager at Digido. Due in significant part to a sizable domestic market and proactive government assistance, the nation’s fintech infrastructure is also demonstrating strong flexibility to constantly evolving issues.

As things stand, the fintech sector still has a chance to keep moving forward and create a more robust ecosystem by fostering more confidence in their offerings through seamless, communicative user experiences and successful partnerships.

In terms of user growth during the previous five years, e-wallets (+1026%), digital loans (+330%), and e-commerce (+222%) were the key drivers of the expansion of the fintech business in the Philippines.

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