Fintechnews.ph Launches Fintech Philippines Report and Map 2020
by Fintech News Philippines September 7, 20202019 saw a boom for the Philippines’ digital payments space, where e-money transactions jumped to 36% to reach PHP 760 billion in value, the strongest rise across all payments transaction types.
E-money transactions growth surpassed credit card and debit card transactions, which rose by 18% and 15% to reach PHP 1,229 billion and PHP 451 billion, respectively.
This shows a shift in the way Filipinos transact, given that this data is from pre-COVID-19, it is likely that by the end of 2020, the compiled data will reflect an even more substantial spike in the growth of e-money transactions.
Fintech startups in the Philippines
The Philippines is currently home to more than 190 fintech companies, with lending (24%), payments (21%), digital wallets (12%), and remittances (12%) being the four most predominant verticals.
With only 29% of adults in the Philippines having bank accounts, it is unsurprising to see a large number of startups within the lending space attempting to tackle this issue.
For the full article and report please visit Fintech News Philippines’s newly launched site
