Report: 58-M Filipinos spent 4.4 million hours using e-wallets in 2022

MANILA, Philippines — Over 58 million active e-wallet users in the Philippines spent a total of 4.4 million hours using such applications last year, as cashless transactions maintain their growth momentum that was hastened by the pandemic.

This was part of the findings of a new report released Monday by consumer credit service Digido, which analyzed 14 e-wallet applications in the iOS App Store and/or Google Play.

On average, e-wallet users in 2022 visited at least one of the mobile apps in this study about 16 times per month, similar to 2021 but slightly lower compared to 2020 and 2019, when average app visits per month stood at 17 and 19, respectively.

From December 2018 to December 2022, the total number of unique downloads among the e-wallets included in the study increased by 632% (+99 million), growing by 30.5% (+26.7 million) in 2022 alone.

Digido also estimates that the total number of accounts of the 14 examined apps could reach 81 million people by 2025.

The unique number of users could also reach 67.3 million people by 2025 on the back of the country’s young population and growing demand for electronic money globally, Digido added.