A recent survey conducted by high-impact research firm Capstone-Intel Corp. has revealed a significant trend in the Philippines: 90% of Filipinos now regularly use financial technology (fintech) applications for their daily transactions.
This growing reliance on digital finance underscores the urgency for improvements in security and user convenience.
The study highlights the widespread use of various fintech apps among the Filipino population. Leading the pack is GCash, with 94% of respondents acknowledging its usage, followed by Maya at 39%, ShopeePay at 26%, various bank applications at 18%, GrabPay at 8%, and other fintech platforms at 5%.
Notably, only 2% of those surveyed do not use any fintech applications.
Ella Domingo-Coronel, Director of Research and Publications at Capstone-Intel, emphasized the necessity of building a safer fintech infrastructure in the Philippines, as digital financing becomes increasingly embraced.
She pointed out the role of both private fintech companies and the government in ensuring the safe regulation and enhanced protection of Filipino consumers in the digital financial landscape.
Domingo-Coronel also remarked on the widespread availability of digital financing options, even in small local stores known as ‘sari-sari’ stores.
However, she noted the need for broader popularization of fintech across all demographics, aiming to normalize digital financing in both public and private sectors.
Despite the high adoption rate, Filipinos still face challenges with online financing, including slow application performance, frequent maintenance issues, and the prevalence of online scams. Addressing these concerns, Domingo-Coronel highlighted the importance of promoting digital financing to improve public perception and confidence.
“As we return to normalcy, it’s crucial to capitalize on digital financing,” Domingo-Coronel stated. “Not only does it save consumers’ time, but we must also adapt to the evolving demands of our financial and economic environment in this digital era.”
