Number of electronic money accounts Philippines 2017-2023
The shift towards digital payments in the Philippines paved the way for an increasing number of electronic money accounts in the Philippines. In 2023, the number of e-money accounts reached 47.6 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-19 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. Digital payment methods already overtook cash-based payment transactions in 2023, making it easier for online shoppers to pay for their purchases. Among available payment methods, mobile wallets took the lead, followed by card-based payments.
