Metro Manila (CNN Philippines, April 10) — Around 58 million Filipino users spent 4.4 million hours on e-wallet applications in 2022, consumer credit service company Digido reported Monday.
\”Analysis of 14 companies operating in the Philippines that have applications inside the iOS App Store and/or Google Play, reveal that these companies have a combined total of 114.4 million unique downloads as of December 2022, representing 20% of the total downloads from business and finance categories across all devices and all platforms,\” said Digido.
It said the total number of unique downloads among e-wallets rose by 99 million from December 2018 to December 2022, and that a growth of 30.5% or 26.7 million downloads was observed in 2022 alone.
\”The 58 million active user base is 8% (five million) less compared to December 2021, but up 466% compared to December 2018. This figure is comparable to 72% of the population aged 15+, according to United Nations [UN] estimates,\” it added.
Digido said Filipino users visited at least one e-wallet application at least 16 times per month on average in 2022.
In previous years, the average number of monthly visits per user was 19 in 2019, 17 in 2020, and 16 in 2021.
Digido estimated that the total number of user accounts on the 14 e-wallet applications examined in the study could hit 81 million by 2025.
It attributed the projected industry growth to three reasons:
First, the UN’s estimate that the population aged 15 and above would reach 85.4 million by 2025.
Second, the Philippine economy is at a growth stage despite a global recession.
