According to the survey, online lending and digital payments show a strong positive demand in the Philippines. 1 out of 2 surveyed use the services of a multifunctional mobile bank. The country dominates the popularity of mobile financial solutions. The data revealed by the global fintech holding Robocash Group, which operates in the Philippines with its digital financial service Digido.ph.
When asked about the most used digital service, 63% respondents singled out online loans, 58% payments and transfers. Additionally, there is a confirmed high level of digital banking development in the country – 50% of the surveyed use the services of a multifunctional mobile bank. The three aforementioned options all amassed 51-57% of votes. Only 5% of the respondents had no desire to adopt fintech solutions in the future.
Based on the number of responses, the Philippines see an 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 utilise 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 the Summer of 2021, Robocash Group conducted a survey among the residents of 5 countries – Myanmar, Laos, the Philippines, Vietnam, 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%, the use of digital payments grew up to 28%. Filipinos stand out in the immersion to digital financial services. The leadership position stems from the government’s goal of reaching a universal and diverse financial ecosystem and active adeptness of the population to the digital financial services.
