Digital-only banking adoption is set to double in the Philippines over the next five years, according to Finder.com’s Digital Banking Adoption Report.
18% of Filipinos currently have a digital bank account, and an additional 18% plan to open one in the next five years.
That means 36% of Filipino adults, or an estimated 26 million people, will have a digital-only bank account by 2026.
Finder.com polled 41,654 people across 30 countries to reveal the Philippines ranks 12th for digital banking adoption, but in the next five years, the country is expected to climb to 5th place.
The Philippines is set to have the second biggest increase in digital banking adoption alongside countries like Malaysia, Vietnam, and Brazil, and behind only Mexico (20 percentage points).
Finder’s global fintech editor, Elizabeth Barry, says digital-only banking adoption in the Philippines is set to grow much faster than the global average.
“We’re set to see an average increase in digital banking adoption of 11 percentage points across the 30 countries included in the study.
“By 2026, four of the top five countries for digital banking adoption will be in Asia, and over a third of Filipinos will have a digital-only bank account.
“Estimates suggest around 71% of Filipinos are currently unbanked and I suspect it’s this part of the population who are planning to open accounts.
“Earlier this year the BSP increased the number of digital bank licenses allowed to operate in line with the goal of increasing the Philippines’ banked population,” she added.
“As more digital banks such as Tonik, UNObank, UnionDigital, and GOtyme acquire licenses to operate in the country, we’ll hopefully see greater financial inclusion in the Philippines.”
You can find the full report, including infographics and a breakdown by age, gender, and region here: https://www.finder.com/ph/digital-banking-statistics
Digital-only banking adoption by market
- Brazil – 32.08%
- Indonesia – 24.90%
- Ireland – 24.77%
- Vietnam – 23.34%
- Poland – 22.03%
- Switzerland – 21.62%
- Malaysia – 20.36%
- Japan – 20.14%
- Germany – 19.33%
- Hungary – 18.82%
- Austria – 18.52%
- The Philippines – 18.34%
- Singapore – 17.95%
- Hong Kong – 17.70%
- The United Arab Emirates – 17.17%
- Italy – 16.23%
- The United Kingdom – 14.99%
- Norway – 14.65%
- Portugal – 14.31%
- Spain – 14.19%
- Australia – 13.21%
- France – 13.16%
- New Zealand – 11.99%
- The Netherlands – 11.91%
- Sweden – 11.56%
- Denmark – 11.40%
- Mexico – 11.24%
- Finland – 10.60%
- Canada – 9.25%
- The United States – 6.00%
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