The adoption rate of financial technology through mobile apps among Filipinos aged 15 and above is expected to reach 79.5 percent, or roughly 66.4 million unique users by end of 2024, according to new analysis from consumer credit service Digido.
The primary drivers of the growth are digital commerce, 34 percent; digital wallets, 27.2 percent; and, digital banking, 8.6 percent, it said.
Digido’s business development manager Rose Arreco attributed the positive trends in digital lending, digital wallets and digital commerce to growing trust and the natural synergies between these segments.
“We believe that the Philippines remains on course towards widespread digitalization, with its ‘fintech-ization’ far from weakening. Collaboration within and outside of the industry remains paramount for this growth to be realized at a faster rate,” she said.
