Manila, Philippines – As the Philippines increasingly embrace technology, a recent analysis by consumer finance company Digido found that the adoption rate in the financial technology sector is anticipated to achieve about 79.5%, equating to 66.4 million users by the end of the year.
This figure represents an improvement from the previous year’s 72.2% adoption rate among Filipinos aged 15 and above.
The report further noted that digital commerce is set to experience the highest growth at 34%, followed by digital wallets at 27.2% and digital banking at 8.6%.
In the first half of the year, the digital lending sector was also observed to have the largest growth of downloads, accounting for 25.4 million. Meanwhile, digital commerce and digital wallets recorded 13.5 million and 12.2 million, respectively.
Digital payments and transfers were then reported to garner 7.8 million, along with digital banking with 6.2 million and digital personal finance applications with 4 million.
Additionally, the report also highlighted that the average download growth rate is around 10.26%, with the digital banking sector, digital payments and transfers, and digital lending leading the way.
Commenting on these findings, Rose Arreco, business development manager at Digido, shared, “The Philippines remains on course toward widespread digitalisation, with its ‘fintechization’ far from weakening. Collaboration within and outside of the industry remains paramount for this growth to be realised faster.”
