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Philippines’ fintech adoption forecast to reach 72.2% by 2023

The Philippines may see financial technology adoption rates rise to 72.2% (59.3 million users) for individuals aged 15 and above by 2023, says a report from Digido. The growth will predominantly stem from the payments and transfers sector at +17.6%. E-wallets, digital banking, digital investments, and digital lending are also projected to rise. Interestingly, blockchain and cryptocurrency sectors may decline by -4.3%. Despite the growing trend in fintech, Digido highlights that payments will drive future fintech adoption. Last year, the fintech adoption rate for this demographic increased to 69.3% from 64.4% in 2021. Digido’s Farit Shakirov expressed confidence in the continued growth of the Philippine fintech industry, emphasising its adaptability and the pivotal role of strong governmental support.


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