With Visa’s 2023 Consumer Payment Attitudes Study revealing that more Filipinos are carrying less cash and opting for contactless payments, a new report from consumer credit service Digido further confirms these findings that the Philippines continues its adoption of fintech services at a rapid pace. To be specific, Digido sees that the adoption rate of the Philippines with mobile app-based fintech services is expected to increase to 72.2% or around 59.3 million users by the end of 2023.

Breaking down the data, Digido said that the highest growth is seen with the Payments and Transfer segment at 17.6% followed by E-Wallets at 4.9%. Rounding up the top 5 are Digital Banking at 4.3%, Digital Investments at 3.7%, and Digital Lending at 0.9%.

Further corroborating with what Visa has previously reported, Digido notes that the Philippines has a notable increase in adoption rate with fintech services. For 2021, the adoption rate has increased to 69.3% from 64.4% in 2020. When it comes to the most-used fintech applications, Digital Banking and E-Wallets remain to be on top at 18.8% and 15.5% respectively. The latter plays a significant role in terms of user growth, growing by 1026% in the past 5 years.

“The country’s fintech infrastructure is also showing high adaptability to ever-emerging challenges, mainly due to a large domestic mark
and progressive government support,” Digido country manager Farit Shakirov said. “There remains an 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.”