Digital Wallets Overtake Bank Accounts in the Philippines
For over a third of Filipinos, digital wallets, or e-wallets (electronic wallets) is the first financial product they have used, according to a 2025 study by TransUnion, a credit bureau.
According to TransUnion’s 2025 Credit Perception Index (CPI), 35% of Filipinos indicated that the first financial product they used was a digital wallet account, surpassing the percentage that said that their first financial product was a traditional bank account.
The increase in the usage was mainly driven by younger generations such as the Gen-Z and Millennial cohorts.
According to the study, common financial technology products used by Filipinos include digital wallets (77%), online banks (51%), and digital payment apps (47%).
“The strong performance of fintech [financial technology] users and the narrowing gap between the unbanked, we think, reflect an encouraging momentum toward a greater financial inclusion based on this year’s survey,” said Peter Faulhaber, TransUnion Philippines’ president and chief executive.
A Surge in Digital Payments
As of 2024, almost 60 percent of all payments done in the Philippines are done through digital channels. Digital payments have come a long way since Smart and Globe—rivals in the local telecommunications industry—introduced Smart Padala and GCash twenty years before in 2004, with services aimed at reaching millions who had no access to traditional bank branches.
Their rapid adoption through the years inspired the Bangko Sentral ng Pilipinas (BSP) to issue formal regulations for electronic money, creating an early framework for what would become one of the most significant financial transformations in the Philippines.
Soon enough, the rise of smartphones hastened the country’s direction toward cashless payments. As mobile phones became nearly universal, the BSP set ambitious targets in 2020: convert half of all retail payments into digital and bring 70 percent of adult Filipinos into the formal financial system by 2023.
The push received a shove when the COVID-19 pandemic hit, which drove millions to open digital wallet accounts to receive government aid and forcing many day-to-day transactions online.
How Do Filipinos View Credit?
TransUnion chief Peter Faulhaber said that 69% of Filipinos were aware of the general definition of what credit was, and trust in credit products has climbed six percentage points to 76%.
More unbanked Filipinos have also gained a better understanding of traditional credit products such as loans. Among the available credit options, Filipinos are most interested in buy now, pay later (BNPL) schemes, as well as personal loans, mobile loans, and micro loans, according to TransUnion.
The study revealed that15% more Filipinos said they wanted to borrow from traditional and digital banks, while less intend to borrow from family or friends.
“Interestingly, nearly one in four respondents expressed an intent to borrow or use credit for purchases, possibly signaling a shift towards using credit as a practical tool rather than something to avoid,” Faulhaber clarified.
The top barriers to credit use by Filipinos include high interest rates and fears of getting scammed, despite growing understanding of credit products.
The TransUnion chief said these concerns higlighted customers’ need for stronger assurances through more secure and supportive credit environments.
TransUnion’s 2025 CPI ran between March 27 and April 7. The credit bureau and third-party sample provider Dynata surveyed 1,165 consumers, including 212 unbanked Filipinos, to assess perception of credit of Filipinos in the country.
DOPAY Digital Wallets and Crypto Wallets
Compared to its precursors GCash and Maya (the current incarnation of SMART Padala), DOPAY is relatively new. DOPAY, through its parent company WIBS PHP INC., is regulated by the Bangko Sentral ng Pilipinas (BSP) and has licenses as an Electronic Money Issuer (EMI) and as a Virtual Asset Service Provider (VASP).
Powered by blockchain technology, DOPAY provides payment, remittance, and financial accessibility through electronic money issuance with its E-Wallet and cryptocurrency exchange with its Crypto Wallet.
DOPAY is an easy-to-use and convenient app that safeguards your information and your money through the policies and procedures required by the BSP.
Through DOPAY, not just millennials or the GenZ generation can enjoy the ease and convenience of digital payments and transfers. With DOPAY, any Filipino with the app and an approved account can receive remittances and trade cryptocurrencies. Moreover, freelancers, BPO owners, and SMEs can hold, receive, and transfer funds and payments in global currencies through DOPAY’s large wallet sizes. App users such as digital content creators can receive payment of influencer services without exchange rate fees by utilizing the global account features of the DOPAY app.
Download the DOPAY app today!
