E-wallets overtake bank accounts as Filipinos’ first financial product — TransUnion study

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E-wallets overtake bank accounts as Filipinos’ first financial product — TransUnion study
Cashless PaymentsFinance IndustryFinancial Technology
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Concerns surrounding high interest rates and fears of getting scammed remain the top barriers to credit use among Filipinos

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Some financial technology products commonly used by Filipinos are e-wallets , online banks , and digital payment apps . 15% more Filipinos also said they wanted to borrow from traditional and digital banks, while less intend to borrow from family or friends.

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