Financial apps see increasing adoption in the Philippines
- One in two Filipinos uses the services of a multifunctional mobile bank.
- Online lending and digital payments through financial apps have been on a rise in the Philippines
- The Philippines has seen an increased demand for online loans with 75% votes and mobile wallets of 49%.
Financial apps are gaining popularity in Southeast Asia. From digital payments like e-wallets to banking applications, financial apps enable users to get services done a lot faster with minimal complication.
In the Philippines, a recent survey by Robocash Group showed that one in two Filipinos uses the services of a multifunctional mobile bank. In fact, online lending and digital payments through financial apps have been on a rise in the Philippines. The country currently dominates the popularity of mobile financial solutions.
Robocash Group operates in the Philippines with its digital financial service Digido. ph also said that 63% of survey respondents singled out online loans, 58% payments and transfers for their digital services. Digido. ph’s solution is a robotic finance service providing digital consumer loans in the Philippines for people underserved by the traditional banking system. To date, Digido has served over 2.7 million clients, making its way to become the number one choice for Filipinos.
Additionally, there is a confirmed high level of digital banking development in the country with 50% of the surveyed using the services of a multifunctional mobile bank. The three aforementioned options all amassed 51-57% of the votes. Only 5% of the respondents had no desire to adopt fintech solutions in the future.
These figures also show an improvement in financial literacy among Filipinos. In the past, there have been concerns that the unbanked in the Philippines will be left out, as they were not able to cope with the increased adoption of digital services and financial apps.
Now, based on the number of responses, the Philippines have even seen increased demand for online loans with 75% votes and mobile wallets of 49%. These values stand out among the rest. Adding to it, Filipinos are more eager to utilize savings and investments, voting 36%. The volume and variety in responses serve as direct evidence of a high degree of engagement among Filipinos in digital finance, especially alternative lending and rapidly emerging online banking.
Full-fledged financial solutions are becoming an essential attribute of the global community. In 2021, Robocash Group conducted a survey among the residents of 5 countries, Myanmar, Laos, the Philippines, Vietnam, and Indonesia. The financial services had significantly grown in reach.
In the Philippines, the number of active accounts in financial institutions increased up to 45%, borrowings from financial institutions jumped up to 25%, and the use of digital payments grew up to 28%. Filipinos stand out in the immersion in digital financial services, especially financial apps. The leadership position stems from the government’s goal of reaching a universal and diverse financial ecosystem and the active adeptness of the population to digital financial services.
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