eWallets are becoming Filipinos’ entry point to digital finance

Nearly five in 10 Filipinos surveyed by TransUnion said an eWallet was their first financial product as digital finance gains ground.

More Filipinos are getting more ways to manage their money, with eWallets and digital banks becoming increasingly familiar parts of everyday life.

A new study from TransUnion found that eWallet adoption reached 80%, up 4 percentage points from the previous year, while 46% of respondents said an eWallet was their first financial product, according to its 2026 Credit Perception Index.

Digital banks are gaining ground even faster. Their consumer perception score jumped 15 percentage points to 80%, while favorability rose 14 points to 79%, putting them ahead of traditional banks on both measures.

That is a big change in how Filipinos can manage their money. A person can now receive a payment, pay a bill, save, borrow or transfer money without ever walking into a bank.

But having more financial tools does not necessarily mean having more money to work with.

Only 64% of respondents expect their finances to improve over the next three months, while 73% expect improvement over the next 12 months. Both figures fell 3 percentage points from 2025 and were the weakest since 2023. Inflation and fuel prices were the biggest concerns, cited by 61% of respondents.

That puts a limit on what technology alone can accomplish. An easier way to pay a bill does not make the bill cheaper. A digital bank can make saving more convenient, but it cannot make a paycheck stretch further.

Digital finance can only go so far

This is where financial education becomes increasingly important. A quarter of Filipinos surveyed still struggle to find clear financial information, with untrustworthy sources and confusing content among the biggest barriers. At the same time, 73% plan to seek more financial education, while 70% intend to explore more digital financial products.

The opportunity for banks and fintech companies is therefore bigger than getting more Filipinos to download an app or open an account.

The more financial products become part of everyday Filipino life, the more important it is that consumers understand what they are signing up for, especially when borrowing, fees, interest and repayment obligations are involved.

Digital finance can give Filipinos more ways to manage their money. But if the money itself remains tight, having more ways to move it around will only go so far.

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