According to analysts of Robocash Group, half of Filipinos will make five and more e-payments weekly during 2021 in contrast to 13% in 2019. At the same time, the volume of unsecured consumer loans issued online will also exceed 50% against 37%, respectively.
Social distancing has caused a shift in consumption patterns and accelerated the adoption of digital services and payments by businesses and customers. Due to the rapid development of digital payments and alternative lending recently, Southeast Asia serves as a strong example. According to a survey conducted by Facebook with Bain & Company, 85% of respondents tried new digital apps during the first quarter this year. The list includes e-commerce and digital payments platforms too.
According to PWC, 45% of Filipinos made mobile payments in 2019. To compare with, Vietnam and Indonesia had 61% and 47%, respectively.
A survey conducted by Robocash Group in early 2020 showed further dynamic. Thus, 61% of the company customers in the Philippines made e-payments over the past year. However, only 13% conducted five and more digital payments weekly during the year, which is close to the findings in Indonesia (16%) and Vietnam (23%). As for digital lending, 37% of respondents in the Philippines took their first loans in 2019 remotely.
To sum up, habits formed during COVID-19 pandemic and social distancing will contribute to the continued expansion of digital payments and lending. Moreover, speeding up the transfer of funds, reducing the weight of the informal economy and increasing tax inflows to the budget, it can add up to 0.5% to GDP growth in the countries of South-East Asia in 2022-2025.
Robocash Group is an international financial group operating in the segments of consumer alternative lending and marketplace funding in Europe and Asia. The company develops robotic financial services providing micro consumer lending to customers in Russia, Kazakhstan, Spain, Philippines, Indonesia, Vietnam and India and operates its own EU-based P2P investment platform. The group develops products completely in-house using artificial intelligence, machine learning and data-driven technologies to provide precise and comprehensive risk management, comfort and speed for customers and efficiency for business.