Digital Wallets Improve Personal Finances in the Philippines

Technologies like digital wallets have transformed the financial sector, bringing banking closer to millions of people in the Philippines. The numbers tell a compelling story. As of 2025, about 97.5 million Filipinos use the internet, representing 83.8% of the population, according to DataReportal. This widespread internet access has opened doors for fintech solutions to flourish. Smartphone users nationwide can now easily create digital accounts and manage their money with just a few taps on their screens.

Digital Wallets in the Philippines

The meteoric growth of digital wallets in the country over the last two decades is admirable. A 2023 Report on E-Payments Measurement by Bangko Sentral ng Pilipinas, BSP (Central Bank of the Philippines) shows that digital payments surged from 1 percent in 2013 to 20.1 percent in 2024. The apex bank achieved its objective of moving 50 percent of retail payments to a digital form, and onboarded 70 percent of adult Filipinos into the formal financial system.

However, digital wallets and fintechs are now beyond cashless payments in the Philippines. Today, many are looking towards digital platforms like Metatrader 4 Singapore for trading/investment and digital inclusion. GCash, Maya, GrabPay, SPay, ShopeePay, and Coins.ph are some of the top e-wallets in the Philippines. They are deeply embedded in people’s daily lives and transcend cashless payments.

Savings

Although traditional banks still hold the majority of savings, many people use apps like Maya and GCash to keep funds for various reasons. Users may save bulk funds in traditional banks, while saving a sizable part in e-wallets for emergencies, quick access, and one-click payments. With over 75 million people using different wallets, these apps encourage a savings culture by offering competitive interest rates. Maya, for example, provides a base interest rate of 3.5 percent per annum up to 15 percent per annum, while GCash offers up to 7 percent per annum. These apps incentivise savings using cashbacks, discounts, and rewards programs.

Investing

Financial literacy and the demand for investment platforms are also increasing. Fintech apps bring investments closer to smartphone users, bridging the access gap to traditional banks. With digital wallets, investors can buy and sell securities, transfer funds, and manage their portfolios with a few taps.

Many wallets also integrate with third-party investment platforms, providing access to real-time market data, portfolio management tools, and financial information. The improved convenience of managing investments from one place, reduced transaction costs, and security make digital wallets ideal for modern investors.

Bill Payments

One-tap payments and on-the-go orders are popular in the Philippines, thanks to fintech apps. Many people use digital wallets that allow credit/debit cards, crypto payments, and bank transfers for goods and services. This has made life easier for millions nationwide who can now take control of their finances through accessible, tech-driven solutions. Another benefit is the reduced pressure on traditional banking systems. Now, strategically located digital wallet agents can provide a growing range of services, like card activation, deposits and withdrawals, and payment processing.

Overseas Remittance

According to the BSP, Overseas Filipinos’ (OFs) personal remittance reached US$38.34 billion in 2024, the highest ever, making up about 8.5 percent of the GP. The United States, Singapore, and Saudi Arabia were the top contributors to cash remittances.

Although many digital wallets only operate in the Philippines, they are licensed to process cross-border payments and are increasingly used for that purpose. Fintech apps greatly support the growth of overseas remittance through low fees and competitive exchange rates. They also support them with faster transactions and bypassing the bottlenecks of traditional banking routes.

Insurance and Access to Credit

Through partnership with insurance providers, digital wallets in the Philippines provide embedded insurance, including purchase protection, bill payment, and health insurance. Embedded insurance is usually more affordable than traditional insurance and is a growing market that fintech providers are eager to capture.

They also provide access to credit products like loans, virtual credit cards, and buy-now-pay-later programs alongside their core payment services. This expands their reach, as it appeals to those who want microloans. The collaboration between fintech, government agencies, and banks enables secure and seamless data sharing, which fintech uses to tailor products and services to individuals.

Business Tools

Personal and corporate finance require various tools, like expense management tools, for effective planning and execution. Many businesses hire professionals or pay for separate accounting and other financial services software. Digital wallets are making a difference by integrating existing business systems, automating financial workflows, and providing tools to improve administration.

Digital wallets provide SMEs with QR payment solutions, invoice tools, and financial services that otherwise require third parties. Businesses use these solutions to prevent fraud, reduce costs, and enter new markets.

Financial Inclusion

In 2021, only 23 percent of Filipinos had a bank account, but by 2024, that figure jumped to 56 percent. In 2025, at least 30 percent of Filipinos are still outside banking systems, making them an essential target for government and private investors. Digital wallets drive financial inclusion, bringing banking and non-banking services to more people. With a

Although payment firms dominate the fintech market, many others offer other products and services like loans, remittances, and e-wallets. With a CAGR of 8.8 percent from 2025 to 2029, the digital wallet and prepaid card market will grow and onboard new users.

The Next Phase for Digital Wallets

Fintech apps will expand to become comprehensive financial solutions, providing cryptocurrency transactions, IoT connectivity, enhanced security features, and AI-driven tools. These will improve financial management and identity verification, and help users personalize their budgets for more efficient spending. Digital wallets will also open new opportunities for businesses that want to expand their services and customer base, providing global reach with minimal challenges..