Filipinos spent 4.4 Million hours on e-wallets last year—report

More than 58 million active users in the Philippines spent 4.4 million hours on e-wallet applications in 2022, according to a report from consumer credit service Digido.

Photo from Digido

More Filipinos tapping e-wallets

Issued Monday, the report showed that it examined 14 e-wallet apps that were available in the iOS App Store and/or Google Play. The companies have a combined total of 114.4 million unique downloads as of December 2022, a jump from pre-pandemic levels. 

Likewise, the number of active users recorded in 2022 was 466 percent higher than in December 2018. 

Digido said that on average, e-wallet users in 2022 visited at least one of the mobile apps covered by the study about 16 times per month. 

It attributed the stronger e-wallet market to the growing population of the Philippines; the local economy’s robust performance; and the overall global demand for e-money. 

Citing data from Statista, Digido said that the global volume of digital payments and the number of users will grow by 42.6 percent and 18.6 percent, respectively.

Mobile wallets GCash and Maya, which are backed by existing telcos, are the leading players in the industry. Digido also offers lending solutions for the underbanked and underserved consumers of the country.

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