MANILA: Consumer credit service Digido sees 66.4 million unique users of financial technology (fintech) services through mobile applications by the end of 2024, translating to a 79.5-percent adoption rate.
This increased from the 72.2 percent adoption rate, or approximately 59.3 million users, recorded in 2023.
It noted that the increasing adoption rate was mainly driven by digital commerce, digital wallets, and digital banking.
‘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,’ Digido business development manager Rose Arreco said in a news release Thursday.
‘As strong demand for fintech in the Philippines continues, so too Filipinos’ expectations on convenience, interoperability and improved user experience across these applications,’ she said.
Digido’s analysis said the country’s mobile adoption rate for fintech services from September 2018 to June 2024 stood at 76.2 percen
t, or 63.1 million users.
For the first half of the year alone, mobile app downloads in the digital lending sector reached 25.4 million, while e-commerce and e-wallet apps hit 13.5 million and 12.2 million downloads, respectively.
‘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,’ Arreco said.
Source: Philippines News agency
