- One out of two Filipinos uses the services of a multifunctional mobile bank.
- Online loans and digital payments through financial apps are on the rise in the Philippines
- The Philippines saw an increase in demand for online loans with 75% voting and 49% mobile wallets.
Financial apps are gaining popularity in Southeast Asia. From digital payments like e-wallets to banking apps, financial apps allow users to obtain services much faster with minimal hassle.
In the Philippines, a recent survey by the Robocash group showed that one out of two Filipinos uses the services of a multifunctional mobile bank. In fact, online lending and digital payments through financial apps have been on the 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 respondents chose 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 to people underserved by the traditional banking system. To date, Digido has served over 2.7 million customers, making its way to becoming the number one choice of Filipinos.
Additionally, there is a confirmed high level of digital banking development in the country with 50% of respondents using the services of a multifunctional mobile bank. The three aforementioned options all garnered 51-57% of the vote. Only 5% of 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 were fears that the unbanked in the Philippines would be left behind as they were unable to cope with the growing adoption of digital services and financial apps.
Now, based on the number of responses, the Philippines even saw an increase in demand for online loans with 75% votes and 49% mobile wallets. These values stand out among the rest. Additionally, Filipinos are more eager to use savings and investments, voting 36%. The volume and variety of responses is direct evidence of the high degree of engagement of Filipinos in digital finance, especially alternative lending and booming online banking.
Full-fledged financial solutions are becoming an essential attribute of the global community. In 2021, The Robocash Group conducted an investigation among residents of 5 countries, Myanmar, Laos, Philippines, Vietnam and Indonesia. Financial services had greatly increased their reach.
In the Philippines, the number of active accounts at financial institutions increased by up to 45%, borrowing from financial institutions jumped by up to 25%, and the use of digital payments increased by up to 28%. Filipinos stand out for immersion in digital financial services, especially financial apps. The leadership position stems from the government’s goal of achieving a universal and diverse financial ecosystem and people’s active adaptation to digital financial services.