PH Fintech Adoption At 72% By End-2023

The adoption rate of financial technology among Filipinos aged 15 years old and above through mobile apps can surge 72.2 percent to 59.3 million users by year-end, consumer credit service Digido reported.

Photo Insert: Last year, the adoption rate of fintech services among the population aged 15 years old and over in the Philippines reached 69.3 percent from 64.4% in 2021.

The maximum growth of this indicator is expected to come from the Payments & Transfers segment (+17.6 percent), followed by E-Wallets (+4.9 percent), Digital Banking (+4.3 percent), Digital Investments (+3.7 percent) and Digital Lending (+0.9 percent).

Last year, the adoption rate of fintech services among the population aged 15 years old and over in the Philippines reached 69.3 percent from 64.4% in 2021. Similar to the region as a whole, the largest contributor is the e-commerce sector, with adoption among adults close to 100% in the Philippines at the end of 2022.

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