The Bangko Sentral ng Pilipinas reported a significant increase in the number of account holders among Filipino adults coupled with a similar increase in e-wallet holders in the light of the implementation of digital transactions.
BSP North Luzon Bank Officer Rodora Teresa Openiano said 56 percent of Filipino adults or more than 42,900 individuals had either bank or e-wallet accounts last year compared to the 29 percent of Filipino adults or 20,900 people who were registered as account holders in 2019.
She added there are more than 27 million Filipinos who have e-wallet accounts compared to the more than 18 million who are maintaining bank accounts with their depository banks, which indicates many people are now embracing digital payment transactions for convenience and safety.
She added there are more than 93 percent or 71.5 million Filipino adults that have electronic devices while there are 77 percent or 59.2 million Filipinos that have Internet access and 76 percent or 59 million people use the Internet on mobile phones.
She said 60 percent of those with mobile phones or Internet conducted financial transactions online.
From 47 percent in 2019, people using their accounts for payment purposes increased to 79 percent in 2021.
However, people using their accounts for savings dropped to 56 percent in 2021 compared to 76 percent of people using their accounts for savings in 2019.
E-wallet or digital or mobile wallet is an application installed on smartphones to be used for various financial transactions. It is where the so-called e-money is lodged.
E-wallet is often used to send money and for payment of bills and other financial obligations without lining up in the payment centers to be able to settle supposed payments.
Openiano said the BSP projects an increase in the number of e-wallet account holders in the next years because of the implementation of digital transactions being imposed by government agencies and local governments to empower people to embrace cashless transactions for convenience and safety and for them to be able to maximize discharging their duties and responsibilities without being caught up in long queues. – PIO release