Online loan platform Digido announced that the Philippines’ fintech adoption through mobile apps may reach 79.5% by late 2024.
That means the country will have 66.4 million unique users aged 15 years and above by the end of the year.
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The company defines “unique users” as individuals who have used one application for the last 30 days.
Digido derived its findings from United Nations’ data.
The scope of Philippine fintech adoption
The fintech platform says this increased adoption will come from the Digital Commerce segment and comprise 34% of the growth.
Moreover, Digital Wallets will be 27.2% of the fintech adoption, and Digital Banking will be 8.6%.
From September 2018 to June 2024, the mobile fintech adoption rate among adults was 76.2% (63.1 million unique users).
Meanwhile, the number of cumulative downloads of fintech mobile apps in the country reached 617 million. These technologies contributed to the number of downloads:
- Digital commerce: 31.4%
- Digital wallets: 21.7%
- Online lending: 20.3%
- Payments and transfers: 11.6%
- Digital personal finance apps: 8%
- Digital banking: 7%
Examining absolute figures during the first half of 2024, the digital lending sector had the largest download growth at 25.4 million. Also, these sectors had increased downloads:
- Digital commerce: 13.5 million
- Digital wallets: 12.2 million
- Online payments and transfers: 7.8 million
- Digital banking: 6.2 million
- Digital personal finance apps: 4 million
Digido says the number of downloads continues to grow at an average rate of 10.2% annually per half year.
Furthermore, the digital sector experienced the highest growth rate at 22.3% over the first six months.
The second-largest growth came from digital payments and transfers at 17.7% and digital lending at 16.8%.
Digido business development manager Rose Arreco commented on the analysis:
“The positive numbers seen in digital lending, digital wallets and digital commerce can be attributed to growing trust in these segments and its natural synergies with one another.”
“As strong demand for fintech in the Philippines continues, so too Filipinos’ expectations on convenience, interoperability and improved user experience across these applications.”
“We believe that the Philippines remains on course towards widespread digitalization, with its ‘fintech-ization’ far from weakening.”