2022 saw over 58 million active users in the Philippines spending a total of 4.4 million hours in using e-wallet applications, according to a new report revealed by the Philippines-based consumer credit service Digido on Monday.
Digido analysis of 14 companies operating in the Philippines that have applications inside the iOS App Store and/or Google Play, reveals that these companies have a combined total of 114.4 million unique downloads as of December 2022, representing 20 percent of the total downloads from Business and Finance categories across all devices and all platforms.
From December 2018 to December 2022, the total number of unique downloads among the e-wallets included in the study increased by 632 percent (+99 million), growing by 30.5 percent (+26.7 million) in 2022 alone.
E-wallets examined in this study are those owned or operated by companies possessing both electronic money issuer (EMI) and operator of payment system (OPS) licenses or those
operated in partnership with a company that has said EMI licenses.
The 58 million active user base is 8 percent (-5 million) less compared to December 2021, but up 466 percent compared to December 2018.
This figure is comparable to 72 percent of the population aged 15+, according to United Nations estimates.
On average, e-wallet users in 2022 visited at least one of the mobile apps in this study about 16 times per month, similar to 2021 (16) and slightly lower compared to 2020 (17) and 2019 (19).
Digido also estimates that the total number of accounts of the 14 examined apps could reach 81 million people by 2025.
The unique number of users could also reach 67.3 million people by 2025, according to Digido.
Growth is attributed to the following reasons including the population of the Philippines aged 15+, which, according to United Nations estimates, is expected to be at some 85.4 million people by the end of 2025.
Meanwhile, despite the global recession, the current economy of the country is in its growth stage with gross domestic product of 2.9 percent in Q3/Q2 of 2022, reaching $413.2 billion.
Besides, the global demand for electronic money is growing, according to Statista. From 2023 to 2025, the global volume of digital payments is expected grow by 42.6 percent, and the number of users is seen to increase by 18.6 percent.
Digido offers instant and transparent financing for the underbanked and underserved consumers of the country, helping them immediately participate in the formal digital ecosystem, strengthen their financial well-being and reach their personal goals faster and easier.
Robotic technologies are at the heart of Digido’s services, with applications, credit scoring and disbursement of funds fully automatic and available every single day.
Digido is part of the larger Singapore-headquartered Robocash Group, which is servicing millions of clients across the globe across key markets in Europe and Asia.
Services under the Digido platform are financed by Digido Finance Corp. Digido Finance Corp. is a member of Fintech Alliance.ph, the Philippines’ leading and largest digital trade organization.