In 2019, the Philippine digital payments sector experienced a boom, with e-money transactions increasing to 36%, reaching a value of 760 billion PHP. This was the largest increase in any type of payment transaction.
E-money transaction growth outpaced credit card and debit card transactions, which rose 18% and 15%, respectively, to PHP 1,229 billion and PHP 451 billion, respectively.
This shows a shift in the way Filipinos conduct transactions. Since this data is pre-COVID-19, it is likely that the data compiled will reflect an even greater surge in the growth of e-money transactions by the end of 2020.
Fintech startups in the Philippines
There are currently more than 190 people living in the Philippines Fintech companyLoans (24%), payments (21%), digital wallets (12%), and remittances (12%) are the top four industries.
With only 29% of adults in the Philippines having bank accounts, it’s not surprising that a large number of credit startups are trying to address this problem.
Read more on our new website fintechnews.ph Here.
Note: We are not the author of this content. For the Authentic and complete version,
Check its Original Source