Number of electronic money accounts Philippines 2017-2020

The shift towards digital payments in the Philippines paved the way for an increasing number of electronic money accounts in the Philippines. In 2020, the number of e-money accounts surged by 93 percent compared to the previous year, amounting to around 34.7 million.

 Electronic money – more information

In the Philippines, electronic money refers to money stored digitally in an electronic account or device and can be withdrawable in cash or cash equivalent. Electronic devices broadly refer to mobile phone wallets, cash cards, store cards, and other related products. In 2020, nearly half of all e-money transactions were fund transfers, while a little over 10 percent were used on merchant payments.

 COVID impact on payment methods

Prolonged nationwide lockdown and temporary closures of non-essential retail stores resulted in the unprecedented growth of e-commerce in the Philippines. While cash remains the most preferred payment method among Filipinos, the share of first-time users of digital payment services such as mobile wallets and QR payments also increased. The penetration rate of mobile wallets in the Philippines was forecast to surpass 60 percent in 2025.