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Manila Bulletin devider Business devider Trade & Industry devider PH fintech adoption at 72% by end 2023

PH fintech adoption at 72% by end 2023

Published Aug 8, 2023 08:31 am

At A Glance

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  • The adoption rate of financial technology among Filiponos aged 15 years old and above through mobile apps can surge 72.2 percent to 59.3 million users by year-end, consumer credit service Digido reported Monday, August 7.
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The adoption rate of financial technology among Filiponos aged 15 years old and above through mobile apps can surge 72.2 percent to 59.3 million users by year-end, consumer credit service Digido reported Monday, August 7.

The maximum growth of this indicator is expected to come from the Payments & Transfers segment (+17.6 percent), followed by E-Wallets (+4.9 percent), Digital Banking (+4.3 percent), Digital Investments (+3.7 percent) and Digital Lending (+0.9 percent).

 

Last year, the adoption rate of fintech services among the population aged 15 years old and over in the Philippines reached 69.3 percent from 64.4 percent in 2021. 

 

Similar to the region as a whole, the largest contributor is the e-commerce sector, with adoption among adults close to 100 percent in the Philippines at the end of 2022.

 

Of the 867 actively used fintech applications in the Philippines, the Digital Banking and E-Wallets segments are the most popular, with 163 (18.8 percent) and 134 (15.5 percent), respectively, followed by Payments & Transfers with 104 (11.9 percent), Wealth Management with 86 (9.9 percent) and Digital Lending with 84 (9.6 percent). 

 

The Payments & Transfers segment exhibited the highest download growth rate at 11.3 percent per month from 2018 to 2022, followed by Business Management (10.7 percent) and Financial Advisors (8.4 percent).

 

In terms of user growth in the past five years, main contributors to the development of the fintech industry in the Philippines are E-Wallets (+1026 percent), Digital Lending (+330 percent) and E-commerce (+222 percent).

 

“The “fintechization” of the population is going from strength to strength," Digido country manager Farit Shakirov obseved.

 

"The country’s fintech infrastructure is also showing high adaptability to ever-emerging challenges, mainly due to a large domestic market and progressive government support,” he explained. 

 

“As it stands, there remains opportunity for the fintech industry to maintain momentum and build towards a more vibrant ecosystem by cultivating further trust in their services by providing seamless, communicable user experiences and fruitful collaborations.”

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